May not have children nearby on whom you can rely for care. Moreover, for every person who is in a nursing home, there are several other elderly people who are being cared for at home by family members, often at great financial cost. In the past, long-term care insurance fell far short of meeting the expectations of the people who bought the policies. Recently, however, policy features and benefits have shown some marked improvements. Long-term care insurance premiums are based on the age of the person who is taking out the policy.
Discounts are available for most couples.
Most policies are guaranteed renewable and do not charge annual premiums when paying out benefits. The first three types of care are usually provided in a hospital-like setting. The fourth, at-home care, requires the services of a paid nurse or attendant. Depending on the individual's condition, the caregiver might be on duty anywhere from a few hours a day to around the clock . The maximum benefit period of any policy is usually 5 years.