What is the definition of Long-Term Care Insurance?
Long-Term Care Insurance refers to protection where the insured person receives payments for long-term care (such as nursing home care). This is when the individual cannot do certain daily activities without some help or supervision and needs to be admitted to a nursing home or a similar facility.
The premiums for this kind of insurance are computed based on applicant's age, as well as his current health status. The payments stop once the insured person is diagnosed of an illness that needs long term care or if the person meets the qualifications specified in the policy. The diseases involved are usually debilitating but non-life threatening.
The benefit payments for this insurance may be on a per diem, weekly or monthly basis. Long-Term Care Insurance may be bought by an individual or may be provided to employees via an association plan or an employer-sponsored plan.
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