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Longterm Care Insurance Vs Disability Insurance
| Long term care insurance is there to ensure that you get daily cash benefit to cover the expense of your healthcare service either at a nursing home, your home, assisted living facility or an adult day care facility. Long term care insurance does not give out payments based on the claimant’s ability to work. It is designed to give out benefits based on a person’s ability to perform or not perform certain daily functions and activities. |
In the United States, long term care insurance is a boon for seniors and others since an average nursing home cost would work out to $57,000 annually. In this type of insurance, the premiums increase as the person ages, so it is better to purchase long term care insurance while you are younger. However, you can qualify for lower rates if you in a best state of health compared to your peers. The strangest part is that in the United States, 43 percent of all claims for long term care insurance payments are from people under the age of 65 years.
Long term care insurance takes care of all activities of daily living like bathing, dressing, eating, continence, transferring and toilet. A person qualified to take care of you is paid through the insurance benefits. In addition, the insurance makes sure that your savings are not drained off leaving you destitute.
Many people think that long term care insurance and disability insurance are one and the same. However, it is not so. Long term care insurance has been explained above. So, we will not try and understand how it is different from disability insurance.
Disability insurance is only given to those people who are employed and have an income to protect, which can be lost if the person becomes disabled. Disability insurance provides benefits to those people who lose their income or wages because of serious illness or accidents. This insurance takes care of all the living expenses that continue in your family even when you are ill or disabled. The plan usually pays a fixed amount for a certain period of time until you recover from your illness or find a suitable job. This insurance is directly related to a person’s ability to perform occupational activities and not daily activities as in long term care insurance.
There are certain occupations that are considered to be too risky by insurance companies that are not covered by disability insurance. However, if you are under 65, you can easily qualify for this insurance. The rates will depend on your age, health, occupation and income.
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Longterm Care Insurance Vs Disability Insurance
