There are different types of health insurance coverage designed to meet your needs and budget. The cost of health insurance, called the premium, may be higher for a policy that provides a great amount of coverage and flexibility, while the premium may be lower for a policy that provides less coverage or flexibility.
Long term care health insurance offers protection against unforeseen or catastrophic long term illnesses, and provides policyholders with all the assistance that they would require under a long illness. It can be of great help to older people who are not in a position to look after themselves. Thus, long term care insurance provides financial security.
The need for long-term care health insurance can arise gradually with age, when people need more and more assistance with the activities of daily living. Some people may need nursing-home care for a matter of months, while others may need care for years.
As the policyholder grows older, the premiums for long-term care health insurance policies increase to cover this risk. When buying long-term health coverage, the consumer should anticipate such situations and see that it will not strain a fixed income, resulting in cancellation of the policy just before coverage is needed.
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