When someone suffers with depression it is not only a serious mental condition, but can also be a financial problem. Clinical depression is one of the most common mental problems in America today. There are more than 9 million people who suffer with the debilitating effects of clinical depression. Most of these are not able to afford long term treatment. Many of these sufferers are over age 65 and are in long term care facilities.
What is Long Term Care Insurance?
A long term care insurance is a specific type of insurance policy that covers the use of nursing homes, assisted living facilities, in-home care, skilled nursing, and Alzheimer's disease care. It covers the costs of these facilities and services for people who are over 65 years of age. Long term care insurance can pay for costs not covered by traditional Medicare or other mainline insurance policies.
The Cost of Long Term Care Insurance
Insurance has always been sold as protection against some unforeseen accident or health problem. The premiums paid for the insurance offset the costs of any damages or medical procedures. Premiums typically cost $1,000 to $3,000 per year. However, this is much lower than the $100,000 a year it costs to stay in a quality facility.
Long Term Care Insurance - Depression Coverage
Depression is a condition that affects the mental state of a person. It can change the way that he views his life and the lives of people around him. In profound states of depression, many people take their own lives to end the suffering. Elderly patients at long term residences are prime candidate for depressive episodes. The treatment of depression can be covered under long term care insurance.
Long Term Care Insurance - Under 65 Years of Age
Depression in elderly patients is often treated with the rest of the medical problems that they face. This is a part of their regular long term care insurance. However, for those under 65 years of age, this is not always the case. When a person is deemed to have clinical depression, she must be admitted to a counseling facility, mental facility, or have around the clock in-home care. Many insurance companies do not pay for long term depression treatment. The premiums for a long term care insurance policy will be higher than for an elderly patient.
Evaluating Depression Patients for Long Term Care Insurance
A long term care insurance policy for residents who battle depression is not a broad coverage insurance. There are stipulations, such as evaluations, that must be adhered to. Some treatments for depression are also not covered unless the client pays for amendments to the policy and premiums.
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