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You may even be able to receive benefits while you try to sell the excess resources in certain situations.
Though it usually doesn’t cover the full amount, it does reimburse a portion of the cost of a nursing home, assisted living facility, adult day-care, or in-home help.
When comparing long term care insurance plans, it’s best to take each individual’s particular circumstances into account. Long Term Care Insurance is intended to cover the cost of long-term care services and support for people of all ages.
Apart from specific living arrangements, are additional personalized services necessary as well? This could mean daily living assistance within the home (like nurse or health aid visits) or in a facility (like assisted living, nursing homes and adult daycare centers).
These may include therapist, homemaker, and personal care services—the latter of which can help with special assistance bathing or getting dressed. Long Term Care insurance will reimburse the policyholder based on a daily amount for care, for the predetermined amount of time as outlined in the policy.
Before choosing a long term care insurance plan, look at the fine print of the policy, including premiums, deductibles, benefit limits, and coverage specifics. If you are already receiving long-term care or have poor health, you may not qualify for insurance.