1 – What it is and how it relates to Workplace Benefits (offered by employers)
Long term care insurance has to do with the protection of an individual against losing employment in old age or otherwise being unable to work or produce income. It is usually a part of a larger group of workplace benefits that is given to employees.
2 – Who it is for
This kind of care insurance is meant for all people; however, it is most likely applied to people who are employed at a large company because of the expense of the insurance package. Professionals such as lawyers and doctors may also have the ability to engage with a long term insurance plan if they are running a fully independent office for their own benefit.
3 – How it works
A long term care insurance package tends to kick in when an employee is no longer able to work because of something that happens on the job. However, it can also be a policy that kicks in when a person ages out of the workforce due to natural causes. The policy will provide a source of income for the person who is no longer able to work, usually in the form of an annuity. These kinds of policies may also have the ability to gain monetary value on their own. They can be borrowed against for housing and businesses depending on the terms of the agreement.
4 – Different types of coverage in existence
There are different forms of this coverage that are meant for employees of a large company and independent proprietors such as accountants, doctors and lawyers.
5 – Major benefits
The major benefit of this kind of policy is the ability to support oneself after an unexpected accident on the job or aging out of the workforce.