Regardless of what some people might think, medical insurance will not cover the expenses and services that long term care insurance covers.
There are three types of long term care insurance. The first plan is the skilled nursing care. It has to be ordered by a physician and the patient must be able to fully recover form his or her illness or injuries. It involves a treatment plan, skilled therapy with a licensed therapist and nursing care.
Intermediate nursing care is another type of long term care insurance. Likes skilled nursing care it must be ordered by a physician and the patient must be able to recover from their illness or injury. Unlike skilled nursing care, Intermediate nursing care is not provided on a daily basis. It depends on what treatment and therapy plan tht the doctor has ordered. It is basically a prescribed as needed to get well plan.
The custodial nursing care plan is the full coverage plan of long term care insurance. Custodial care includes daily nursing care and nursing assistance walking, eating, bathing and other hygiene matters, and also includes colostomy and catheter use, as well. Custodial care can be an in home care plan, an assisted living care plan or a nursing home plan. It can range from a few hours per week to 24 hours per day. The intention is that the patient will not be able to recover from their injuries or illnesses.
Studies how that 40% of the people who receive any type of long term care services are under the age of 65. Studies also show that there is a 50% chance that a person will need some type of long term care service after the age 65.
Long term care insurance is right for many people, but if you are in the position that you can pay for your care with assets then long term care insurance might not be the best idea.