bs-preloader__icon
ru kz en

Long-term care insurance policies are sold in the US

Effective financial planning includes security in old age. A policy that is often overlooked is long-term care life insurance. This policy provides regular benefits if you develop severe cognitive impairment or are unable to perform certain routine tasks as you get older. The online edition of Forbes magazine talks about this policy below.
Long-term care insurance policies are sold in the US

Long-Term Care Insurance

This type of insurance is designed to cover the costs of long-term care and medical assistance that the insured may need if they lose the ability to independently perform basic daily activities. It is becoming especially relevant for the elderly or those who have chronic diseases that require constant care and medical support.

Key Features of Long-Term Care Insurance

Long-term care insurance can cover various types of services such as home care, institutional care (such as nursing homes or palliative centers), medical care, rehabilitation, and so on.

Insurance company may pay insurance benefit in the form of cash or provide services directly.

The insurance policy specifies the limits on payments and the frequency of these payments. For example, there may be a maximum limit on the total amount of payments for the entire insurance term.

Long-term care insurance may have a limited duration or cover the insured’s whole life.

In order to receive a long-term care insurance benefit, the policyholder must prove that they have lost the ability to independently perform certain basic daily activities.

It is important to read the terms and conditions of insurance policy carefully so you understand what types of services and medical care are covered, what limits apply, what are the requirements for activating benefits, and what terms of insurance are provided. When choosing long-term care insurance, you should also take into account your financial capabilities and future needs.

Source: https://www.forbes.com/sites/forbesfinancecouncil/2023/08/08/how-to-manage-your-risk-via-life-long-term-care-insurance/?sh=7086373523e

Photos are from open sources.

Share
read also
Life insurance myths to be debunked
Life insurance myths to be debunked

Life insurance can sometimes seem complicated and confusing given the variety of insu...

Financial habits of UK residents have quite changed during the pandemic
Financial habits of UK residents have quite changed during the pandemic

A British insurance company Aviva has conducted a new study on personal savings and b...

Savings of Kazakhstanis were calculated
Savings of Kazakhstanis were calculated

The volume of deposits in Kazakhstan has increased by 3.6 trillion tenge over the yea...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application