Exactly why Would I Need A Long Term Care Insurance coverage When I Have My Disability Insurance?

Frequently, people have a tendency to get confused about this subject. When people are questioned how they plan to protect their possessions and income in case of a long term care situation, almost every time answer will be the same; “Well I have a disability insurance coverage… ”

Confusion starts with the definition of Disability Insurance where people obtain Short Term Disability and Long Term Impairment confused with Long Term Care. There exists a distinct difference between the two insurance plans and in order to have a better knowledge of the difference, we need to know what each insurance vehicle offers as protection.

We will start explaining what Disability Insurance plan offers without going into too much detail as in Long Term or Short Term Disability: In a nut shell, Disability insurance coverage provides a portion of your income for a certain period of time when you are disabled while you are employed. What this means is when you get disabled, you may receive up to 40, 60 or maybe 80 percent of your total income for a specific period of time. Further more, this too means two things:

(1) About to catch going to receive any supplemental income for the cost of your care throughout your disability insurance; all you are going to receive is the portion of your income.
(2) You might receive a portion of your income for a specific period of time. When this period is over, your income from your disability insurance will seize.

So you can actually see that the benefits of Impairment Insurance are very specific and limited. Nevertheless this simply doesn’t mean that Disability Insurance is not a valuable defense plan. When you learn the benefits of Long Term Care Insurance, you should be able to understand that the two protection plans take individual and important precedence in our lifestyles.

Before we get into the benefits of Long Term Care Insurance, we need to clear out a single misconception about this insurance plan; Long Term Treatment Insurance is not necessarily some insurance plan that you purchase to get care if you are older, and it is not particularly the nursing home care either. Individuals get into Long Term Care situation in younger ages too and Long Term Care Insurance is a great protection plan that provides many valuable benefits.

Among many of these benefits, of course the most important one is to provide funds for your care when you are unable to do some of your daily activities. This is actually the main difference between this plan and the Disability Insurance; Long Term Care Insurance plan does not provide income or any portion of your income, it actually pays for the cost of your care up to certain amount that is determined within your policy. In other words, Impairment Insurance provides you a portion of your income where Long Term Care Insurance in fact pays for the cost of your care.
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You can now see the importance and the complimentary nature of the two insurance plans; while you are receiving a portion of your income through your Disability Insurance policy – which is always less than your own regular income, you will also have your own Long Term Care Insurance paying for the price of the care that you are receiving.

Thinking about the present high cost of care, and having to pay for it with a limited revenue may become an enormous financial burden. This really is one of the most important reasons why these two insurance plans exist. It is also as important and highly recommended that you should consult an insurance broker who can coordinate and design these types of policies according to your specific personal needs for your full protection.

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