Long-Term Health Care

Surprising as it may seem, more than 40 percent of all adults between the ages of 40 and 65 will need long-term health care at some point. Most standard health insurance policies, including those that you obtain through your employer, only cover such things as home health care or skilled nursing care for a few days or a few weeks at a time.

But what happens if you are injured or if you become ill and must have treatment for months at a time, or even for more than a year? Who will pay the often-enormous bill for your continued long-term health care then?

When applying for long-term healthcare be prepared to answer an almost endless stream of questions. In all probability you will not only be required to fill out a long health questionnaire, but it is likely that you will be required to get a physical as well. Any pre-existing medical conditions will generally be excluded from your long-term policy for a minimum of six months and as long as a year.

There are different kinds of long-term policies. The length of time covered by a long-term policy is often reflected in the kind of policy you buy and in the amount of premium you pay. An indemnity-style long-term policy generally has a certain maximum amount that the policy will pay per day and a life-time maximum that the policy will pay. If you are confined to a care facility performing round-the-clock care the maximum amount that an indemnity-style policy will pay may not provide coverage for as long as you might need.

It is often a good idea to discuss long-term policies with a health insurance agent or with your financial advisor. Either one should be able to help you decide which kind of long-term policy would provide you the most protection at the least cost.