|Insurance is a kind of risk management when the loss risk is moved from one entity to another in exchange for a determined amount of money. There are numerous insurance companies that provide their services in guaranteeing to pay your prospective expenses in case a certain situation happens. For example, if you have a car insurance and your motor car has been stolen, you will receive the indemnity of its cost from the side of insurance company. In such a way, you pay money for calmness, as from that moment the risks of prospective expenses are levied on the insurance company.
LTC insurance, or long-term care insurance, is a popular product both among elderly and young people. Such form of insurance commonly covers the care that is not covered by health insurance and usually includes home care, assisted living, respite care, nursing home or hospice care. The individuals that need this long-term care are generally those not able to accomplish the fundamental activities of daily living (ADLs), for instance, dressing, bathing, eating, walking, transferring or toileting. It is a common opinion that only old people require such care, but that's not true. According to the statistics, around 60 % of long-term care recipients are people over 65. But the rest 40 per cent include people in the age of 18 to 64 years. In such a way, age isn't a determining factor in applying long-term care.
When choosing a LTC insurance option you need to take into consideration your age and state of health with an attempt to evaluate what type of care may be needed in future. Depending on the LTC insurance option the insurance company will pay for a visiting or live-in caregiver, companion, therapist, private duty nurse. The time of their work is also dependent on the insurance option you select. The provided care is 24/7.
In addition to absence of necessity to pay for the given long-term care, the advantages of LTC insurance offers include independence. You may be sure that in case something is wrong with your health there'll be no necessity to bother your children or family members.