Long term care insurance remains greatly misunderstood

Long Term Care Insurance

Long Term Care Insurance

A survey shows many consumers still have many misconceptions about coverage.

The annual Cost of Care Survey results have been released by Genworth and have shown that long term care insurance remains misunderstood and many people in California still don’t know how to obtain the best policy for the lowest cost.

The price of medical services has spiked significantly over the past five years.

This has made it vital that residents of the state protect their financial futures against potential unexpected medical costs. In order to do this properly, individuals must discover the truth about long term care insurance and leaves the myths and misconceptions behind.

Long term care insurance covers medical services and products for disabilities and chronic illnesses.

This is specific to both mental and physical conditions that make it impossible for the beneficiary to carry out their activities of daily living (ADLs). This is vital not only because those services and products are typically highly expensive, but because it also usually means that the individual will no longer be able to work for a living and therefore while the expenses are up, income levels will have dropped or be cut off altogether.

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The types of activities included among ADLs are those typical to everyday life, such as using the toilet, bathing, grooming, dressing, eating, and moving about the home. Though many people are under the impression that long term care insurance covers services of this nature only in nursing homes and other comparable facilities, many will allow policyholders to choose the place where the services are provided.

This can mean that long term care insurance will allow the individual to remain at home and still receive care, or it could mean moving to a nursing facility, a hospice, an adult daycare center, or an assisted living facility.

In fact, 70 percent of long term care insurance recipients are living at home with family or friends. This opens up the possibility of staying at home with loved ones instead of having to move away to a new place to live. It also means that family members and friends can know that the individual will receive the care that is required without the necessity for having to work shorter hours, take time off work, or take less (or no) vacation time in order to make sure that the individual is safe and comfortable.

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