Despite of some people’s thinking, health insurance is not the same as long term care insurance, and their coverage will be different.
There are three types of long term care insurance. The first type is the skilled nursing care. It must be ordered by a doctor and the patient must be able to entirely recover the form his or her disease or injuries. It involves a plan of treatment, skilled therapy with a licensed therapist and nursing care.
The second type of long term care insurance is intermediate nursing care. Likes skilled nursing care it must be ordered by a doctor and the patient must be able to recover of their disease or injury. The difference between them is the second depends on what treatment and therapy plan that the doctor has ordered. It is basically a prescribed as necessary to get well plan.
The custodial nursing care 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 extend 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 diseases.
Studies show that 40% of the people who receives any type of long term care services are under the age of 65. The studies also indicate that there is a half chance that a person will need a certain type of long term care service after the age of 65.
Long term care insurance is good 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.
