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.
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