GEICO Long Term Care Insurance

Long term care insurance is an insurance policy that provides coverage for folks who needs long term health care. The insurance covers nursing home care and assisted living facility option for policy holders. Long term insurance is designed for extended health care; those who are suffering from Alzheimer’s disease or are disabled may avail for this insurance. The coverage would still be based on the agreed policy; some policies are limited to bathing, eating or assistance for day to day living while other policies may include extensive nursing care.

Understanding GEICO’s insurance offerings
GEICO is an insurance company that offers long term care insurance, GEICO stands for Government Employees Insurance Company, and they offer long term care insurance for not just government employees but to private individuals as well. But since the company started by providing auto-insurance for military and other government employees, the company was named that way.

GEICO long term care insurance will cover for your in-house assistance or nursing home care. There are different types of coverage that fall under long term care insurance, this includes in-home nursing care, assisted living services, adult day care, and nursing homes and even house help if you include it to your coverage. The assisted living services are when a person lives in an apartment-like facility, wherein a group of skilled nursing assistants will be taking care of your meal and your medicine disbursement. The assisted living would be beneficial to those who don’t want to live by themselves in their homes. With this facility, you would be able to interact with other people, doing group activities and exercises daily.

In-home nursing care, on the other hand, is where a nurse comes to your home, the nurse would be a registered nurse, who would not only take care of your medication but will assist you with other needs such as eating, bathing, cleaning and even cooking. For people who don’t want to leave their home, an in-home nursing assistant would be beneficial for you. These options may be included to your GEICO long term care insurance plan, you just have to request for the one that you prefer.

If you are looking for coverage, there are some things that you must consider. First off, it would not be a great idea to put yourself in financial crisis today just to ensure that your future will be okay. You have to plan it out. The good thing about GEICO long term care insurance is that the younger you sign up, the lower the price is on a monthly basis. All insurance companies are looking into your age to know how much the plan would cost. If you are older and would be availing the benefits in a few years from now, they would require you to pay more. Since the payments would only stop only when you have started availing it, meaning if you are older now, you wouldn’t have paid much into the plan and so you would have to pay for larger premium. With GEICO long term care insurance, the key is to start young, the moment you’ve started with your plan, the premiums would usually stay the same all through its lifespan and there would only be a bit of adjustment for inflation but it is pretty much the same.

Getting the insurance payouts
There are two ways to get the payout: indemnity and reimbursement. With the indemnity policy, you will get a lump sum benefit that you could spend for your health care. It offers more freedom for you as you can choose your preferred nursing home or facility that you receive, however they cost more. The reimbursement, on the other hand, is when the insurance company pays directly for your covered care.

Who should consider GEICO long term care insurance?
GEICO long term care insurance helps you beyond what regular medical insurance would pay for, you can expect full term health care when you would need it the most. However, it may be really expensive if you start late, that is why it is best that you start young. For people 65 and older, they would need to shed off a few thousands to pay for the coverage but if you think about it, it would still be cheaper than the potential out of the pocket cost of nursing care. The health cost may rise, and if you are covered with a policy with some kind of inflation protection, then you wouldn’t have to worry much about anything else in the future.

Comments are closed.