Extended Care Insurance
Extended Life Care Insurance is designed to cover long term services along with a support system including custodial and personal care in a setting of your choosing whether it be your home or other facility.
These policies will reimburse you a daily benefit (within your chosen limits) for services provided such as activities of daily living. These activities include bathing, dressing, or eating. There are a wide range of care options and benefits to suit your individual needs.
Parameters of your policy include your age at the time you purchase the policy, the maximum benefit a policy will pay per day, and the maximum number of days or years a policy will pay. The maximum amount per day multiplied by the number of days will determine the lifetime maximum amount of policy benefits.
There are also optional benefits, such as benefits which increase with inflation.
If you are in poor health or already are receiving Extended Care Insurance, you may not quality, as individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage or coverage at a higher non-standard rate.
Many Extended Care policies have limits on how long or how much they will pay. Some policies will pay the costs of your long term care for 2-5 years while others will pay for as long as you live regardless of costs. There are few companies with no limitations.
Many policies also cover some homemaker services, such as meal preparation and housekeeping as long as it is in conjunction with the personal care services you are receiving.