A:

Long-term care insurance is an insurance policy that that helps a patient pay for long-term care. The policy usually covers activities like bathing and dressing, rehabilitation, nursing facilities and other care-oriented activities for individuals with 'cognitive impairment' diseases like Alzheimer's. Long-term care insurance does not cover the cost of "cure-oriented" items or activities like medication, surgery, etc.

Unlike Long-term care insurance, Medicare and Medicaid generally do not cover custodial care, except for medically necessary services. To determine whether long term care insurance is needed, individuals are often asked to assess their finances and determine whether they can comfortably pay out of pocket for four years of long-term care.

It is generally best to buy long-term care insurance before the age of 60 for several reasons. Firstly, the younger you are the lower your premiums and chance of rejection will be. Another reason for getting long-term care insurance early is that, barring unexpected illness or accidents, there is a lower probability of getting preexisting conditions or falling seriously ill, factors that increase the likelihood of being denied access to the policy. In other words, the middle-age years are the period when there is the highest probability to be eligible for a policy at low premium costs. (To learn more, take a look at A New Approach To Long-Term Care Insurance.)

This question was answered by Chizoba Morah

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