Because nursing home fees are expensive, Long-term care insurance is a profitable investment for people over 65 or who have a chronic disease and can’t do basic activities like dressing, eating, bathing by themselves. Since health-care services for people with disabilities are very expensive, many Americans turned to insurance policies that cover a part of the expenses.
Few people know of employer sponsored long-term care insurance plans which are offered by 40% of the companies in the United States, but only 2% of employees take advantage of these plans. Getting a long-term care policy from your employer has many benefits and it can save you a lot of money!
How to qualify
In order to qualify for long-term care insurance you must not be able to do two out of six every day basic activities like bathing, eating, dressing. A waiting period is required before the policy becomes active. Although some policies offer inflation protection, an employer sponsored plan may not cover this issue. Group policies may limit some of the benefits offered by an individual bought policy like: home-care and assisted living.
Do you need long-term care insurance?
Over 3 million Americans are unable to perform daily activities without help. Home-care and nursing-care services cost on average 200-300$ a day. A policy can cover a part of these expenses.
If you are over 50 and your employer is offering long-term care insurance you should look into it and decide if it is advantageous to you. If you think that the coverage is too small, you can compare other insurance plans and decide which the right one for you is.