If you are lucky, you might be among the 30% who will not need some form of long term care at some time in life. The rest will need to take long term care services from someone or some facility. The need for long term care greatly increases as a person gets older.
Long term care comprises of care at home by a family member or health aide to stay in a special facility meant for this purpose. However most of these services are very cost prohibitive and without any insurance coverage it is just not possible to avail these services. But circumstances may be such that some kind of long term care becomes absolutely necessary. So you should definitely consider and buy a long term care insurance policy if you can fit it into your financial planning.
Types of Long Term Care Insurance Policies from Nationwide
Your general health insurance policy will not cover long term care costs. Medicare gives coverage of only 100 days after you have been in the hospital for three consecutive days following a treatment. For Medicaid, you have to prove that your assets are not worth more than $2000.
You have to buy a good long term care insurance policy from an insurance company with good ratings and reviews. Nationwide has good options for you. They offer a stand-alone long term care insurance policy as well as linked with life insurance. The benefits allow payments to family members or friends also if they are the care givers for the policyholders.
- YourLife CareMatters Long Term Care Coverage – This is a life insurance policy which gives the benefit of long term care insurance also. If the policyholder does not need the long term care benefits during his life, the beneficiaries can receive the death benefit. The premiums are guaranteed to be fixed and there are flexible payment options.
- Life Insurance with Long Term Care Insurance Rider – Nationwide gives the option of adding a long term care rider to your regular life insurance policy. You can choose the amount designated for long term care benefits.
You can get detailed information from the Nationwide website and can also get help from the company representative for matters relating to long term care insurance.