Long Term Care insurance provides for insurance care over a long term i.e beyond a pre determined period. Long term care covers more aspects than traditional insurance and includes: home care, assisted living, Parkinson’s and Alzheimer’s disease.
Generally diseases which require the patient to be constantly supervised / cause disability are covered by long term care insurance. The above mentioned diseases/care are much more expensive than typical hospitalization. Hence long term care insurance, helps in considerable expense reduction for the patient’s family members. Long term care insurance premium is also tax deductible. Many companies these days provide long term care insurance for its employees – any premium paid on behalf of employees is tax deductible for the corporation.
In India, there are not many established long term care insurance policies. These expenses are predominantly taken care of by the senior citizens themselves’ or by their children. In India, there was just one policy by New India Assurance called Bhavishya Yoga where a person had to pay premium till the age of 50, and can claim benefits from period to retirement till their death.