Long-term care insurance which is a different insurance product available in the United States. The product of LTC or Long Term care insurance helps to provide the cost of long-term care for a predetermined period. The LTI insurance not covered by health insurance, Medicare or Medicaid. The individuals who unable to perform the basic activities of daily living i. e. dressing, bathing, toileting, etc can choose the LTC. One advantage with the product is age is not determining factor to purchase the health insurance for Long Term care.
The benefits of LTC include home care, assisted living, hospice care, assisted living etc. Even the product allows paying up to 7 days a week of 24 hours a day for rendering services by visiting care giver, housekeeper, duty nurse etc. Tax qualified and Non-tax qualified offered, hence the individual may choose according to availing tax benefits. Tax qualified policy requires the person to take care policy who are expected to require at least 90 days and unable to perform two activities of daily living.
In case of Non-tax qualified policy, the person who is unable to perform one or activity of daily living can purchase the policy. Another insurance product is individual disability. Every disability insurance policy is will vary company to company. But it is not such product which can be purchased easily. Of course, the cheapest disability insurance policy can be purchased by just throwing money. It is such product designed to assist the individual when the income of the person is decreased by the illness in the occupation.
The disability insurance also known as DI and the policy assures the holder against the risk that will arise from the work place. So paid sick leave, short-term disability benefits, long term disability benefits etc are covered under the product of DI. REFERENCE: 1. http://www. healthinsurancefinders. com/ 2. http://en. wikipedia. org/wiki/Long_term_care_insurance 3. http://www. about-disability-insurance. com/ 4. http://en. wikipedia. org/wiki/Disability_insurance