Nursing Home Insurance

Also known as long term care, nursing home insurance is for individuals who can no longer live independently and must enter an assisted living facility or nursing home. This type of insurance is designed to provide coverage for the remainder of the policy holder's life. If you or a loved one are thinking of purchasing this type of coverage, the first thing you should do is research nursing home insurance policies. Find out the different levels of coverage and what different policies cover and exclude.

This type of insurance usually covers the cost of residing at facilities that are included as part of the plan. It may also cover doctor visits, hospital stays and special needs equipment. If the individual is not in a nursing home but cannot care for themselves, there are policies that cover home health care. Many senior citizens receive Medicare, which can cover a great deal of their medical needs. There are supplemental plans as well that can add extra coverage for seniors with certain conditions or concerns.

The first thing you should do if you are thinking about buying nursing home insurance for yourself or a loved one is plenty of research. Not only do you need to know as much as possible about this type of insurance, you need to research the companies who offer it. These days you can acquire free online quotes via the Internet. You will be asked to complete a form and upon submission you'll be returned with an estimate of the policy and premium costs based on the data you entered. These figures are only estimates, and should not be taken as the actual cost you are going to pay.

These free quotes can help you narrow down the field when looking for an insurance agency. When you find an agency you like and have chosen your preferred policy, you can complete an official application. Sometimes this can be done online or over the phone, although some people prefer to work with a local insurance agent face to face. Regardless of how you apply, your application information will be verified with you by the insurance agent handling your case. From there, it will be sent to the underwriting department who will review the application and provide an approval or denial, a process that can take several weeks to complete.

If you are denied nursing home insurance, you will receive a letter in the mail explaining you were denied and often, why you were denied. If you are approved, you will receive a letter stating you are approved. You will also get a large packet of insurance information, proof of insurance card, and information on paying for your policy. In many instances you can pay monthly, annually or a few times a year based on your preferences. Depending on the insurance company you choose, your policy, your deductible and health status, nursing home insurance doesn't have to cost a fortune and can be a good thing to have.

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