Long term care insurance is an insurance product that sold in the United States and United Kingdom; it is designed to provide coverage for necessary medical or personal care outside the hospital or in a nursing home, or even at the insured's home. In other word it is an insurance that pays benefits in the event of the insured suffers disabilities or chronic (lasting for a long time) illnesses. This policy also covers care not provided by health insurance, Medicare or Medicaid.

In some countries this kind of policy does not exist. If a patient who has children or family folks, and if he needs long term care, the hospital will ask his children to take him to private nursing home or old folk's home, of course at their own expenses. If a patient can't afford the medical cost of a private hospital, he can choose to admit to government hospital. The government sponsored hospitals provide very cheap medical treatment, so that the patients can afford. If a patient out stayed a desirable period but still needs medical care, and he can't afford to pay for the cost, he can apply to social welfare sponsored nursing home, and for free, until his dying day.

Long term care insurance provides the insured daily care if he/she can't do it him/herself due to chronic illnesses such as Alzheimer's and Parkinson's disease. The basic nursing cares provided are bathing, dressing, combing, eating and other daily living activities.

Is long term care insurance needed?

Some people regard this as unnecessary, because the premiums are expensive; moreover, the self-contradiction is you pay something you hope you will never use it. Any how, whether you need or you don't, it will cost you nothing if you know about this policy, see what it can provide you and how much is the premium?

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Written by Vincent Yeong