Extended Health Insurance

Long term care health insurance is a dependable resource in case a consumer is ever unable to meet their basic living needs because of accident, illness, or frailty. Long term care insurance can help a person afford the help that is needed to dress, bathe, eat, shop, and generally survive. Increasingly, society is becoming more fragmented and less able to afford caring for anyone who suffers from a chronic or extended illness. This makes extended medical coverage a priority when, through modern medicine, people can live longer than before but not necessarily live well. It is estimated that one fourth of all American households are involved in extended caregiving; that's 22.4 million families, many of whom are caring for someone at home while juggling full-time jobs. If the combined lifetime risk of needing home and community help (or nursing home assistance) is about 6 out of every 10 people, then there is an urgent consideration for extensive personal medical coverage throughout the course of a lifetime no matter what the ensuing circumstances.

Extended medical coverage helps defray the high cost of home or community care (between $12,000 - $50,000 a year) and nursing assistance which ranges from $30,000 to $80,000 per year. Without extended medical coverage, 72% of elderly Americans are impoverished in only 1 year. Long term care insurance is as much for the disabled as for a healthy spouse whose standard of living is so compromised that it forever changes the course of their life. It seems clear that extended coverage is the only way to preserve a person's independence and dignity. Many of those who have no coverage and their assets are completely gone, may qualify for welfare's Medicaid program which can be limited in both availability and quality, but at least there will be something available for some of those who have no safety net. Most consumers wouldn't consider 65 years old elderly, but even so, 43% of everyone needing long term care health insurance for medical problems that last the rest of their lives are younger than retirement age. "I waited patiently for the Lord; and he inclined unto me, and heard my cry." (Psalm 40:1)

It is important to understanding that the elderly are not the only ones who may need extensive medical help. Once a consumer has determined what is needed in regards to long term care health insurance, choosing a reliable, well-funded insurer is vital. Larger companies can afford to specialize in policies that feature extended coverage. They may offer stand-alone, comprehensive policies or riders to the cash value of a policy. An insurance rider for an "accelerated death benefit" helps if someone's condition is terminal, which is usually not the case and shouldn't substitute for true long term care insurance. Sometimes consumers can ask for coverage as an either/or provision of a policy's death benefits, but they should always compare that rate with a stand alone policy. Finally, long term care insurance can be combined with a disability income policy so that both can be used when there is a need. Long term health care coverage will provide the security a person needs if ever their health fails, forcing them to depend on others for their daily needs.