Some folks think that their health insurance policy is good enough for long term care. 120 days is the maximum period of extended care in a health plan (And we are referring to very comprehensive health insurance plans only). This makes this policy a very important part of any solid financial plan — More so, where you have a history of debilitating disease in your family.
In order to ensure that I don’t give misleading information, take note of the following: It still remains under regular health insurance if the care required is purely medical in nature. However, for long term care usually in the form of assisted living, you’ll need to get a long term care insurance policy.
To ensure we all are on the same plate, I’ll take a few moments off to explain what assisted living is. This refers to a situation due to old age of a health condition that makes a person incapable of handling simple things like getting in and out of bed, dressing up or bathing with the assistance of someone else.
Initially family members handle it and in some cases they cope with it all through even though it could drain a family emotionally, socially and financially. So, in most cases, professionals in this field are called in. You can imagine the cost of paying for this kind of specialized care over the period of a year or two out of the pocket.
Some prefer nursing homes especially for the elderly but this could cost anything up to $180k per year if an old couple require such care. This will ruin many people’s finances. So long term care insurance is a good addition if you have substantial assets but can’t handle such expenses.
Let me stress this: Your health insurance plan does not cover cost for assisted living or non-medical care for any protracted period. On the other side of the coin, don’t let anyone make you believe that you can dump your health insurance plan and get a long term care insurance policy. They are both different but useful insurance policies.
Not everyone needs long term care insurance. If you are very rich and can easily afford to spend $100,000 a year for long term care you don’t need long term care insurance. Also folks who know they’d be eligible for Medicaid need NOT bother with this policy.
But for those who know they need it but want to get it for far less, Obtain many quotes from A rated companies. Compare the quotes returned and pick the best price/value.
There are sites that enable you make massive savings both by sharing tips and making sure you get the best quotes. Following are two: affordable health insurance and low cost health insurance. Chimezirim has helped many readers realize big savings on insurance.

