LTC is not only intended for the elderly, but for anyone who has begun to lose the ability to perform basic activities. Basic activities are eating, bathing, wearing clothes, and walking. These kinds of needs would not be covered by the health insurance or critical illness insurance.
The health insurance only accept a claim from the policyholder if the person is doing inpatient and outpatient care. Likewise, critical illness insurance that provides replacement cost when a patient is already ill. While LTC perform the replacement cost for someone who started to be physically limited person, even he is not currently sick.
Treatment for Long Term Care Insurance policyholders could resemble the hospital as well. For example, providing a special room, special toilets, and wheelchairs, also put the nurse to help the policyholders who are not able to do some basic activities.
To get the benefits of LTC, surely there should be a bigger cost than if you buy health insurance or critical illness insurance. In Boston, U.S, cost of care for LTC policyholders in a year could reach U.S. $ 40,000-US $ 100,000.
The size of the premium to be able to get the benefits are varies. Just like insurance, the profile and health levels of the policyholder will determine the calculation of the premiums by the insurance company. Including what kind of treatment desired.
Because it is expensive, only certain people can and deserve to buy LTC insurance. You must have adequate financial capability. For those who have a risk of genetic diseases, such as stroke, cancer, obesity, and Parkinson, it is more worth to buy this product because of a similar disease potential is huge.
LTC products are already widespread and commonly offered in the United States (U.S.), United Kingdom, and Canada. Some insurance companies are known to offer LTC products, such as John Hancock Life Insurance, Prudential Financial and Sun Life Financial.
From the simulation results of premium on the website of John Hancock, a 30 year old person and living in Texas must pay an annual premium of U.S. $ 2,280 or a monthly premium of U.S. $ 205.2. The amount of the premium is for U.S. $ 547,500 insurance money with a five-year period of insurance and a daily benefit of $ 300.
(image taken from:a-life-insurance-website.co.uk)
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