Long-term care insurance polices cover the health costs of long-term custodial care. They pay for assistance with activities of daily living such as eating, bathing, transferring, continence, and dressing, as well as for medical care. Having this type of insurance can be especially helpful to pay for costs not covered by Medicare. Just as with other types of insurance, coverage varies, and you can choose which policy best suits your needs. One thing to consider is whether you want a policy in which your carrier pays for Assisted Living Facilities, or A-L-Fs, as well as Skilled Nursing Facilities, or S-N-Fs. Having A-L-F coverage is desirable for most seniors because it can delay placement into a Skilled Nursing Facility, otherwise known as a nursing home. You might also want to think about a tax-qualified policy, in which benefits paid are not considered taxable income. There are federal guidelines governing these policies; an insurance agent can discuss these and other long-term care options with you.
©2006 Crossroads Mobile. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
