Long-Term Care Insurance Explained
Long-Term Care Insurance, an insurance product sold through a licensed insurance agent (one who represents the insurance company) or an insurance broker (one who represents the policy owner) helps provide for the cost of long-term care beyond a pre-determined period.
Individuals who require long term care are generally not sick in the traditional sense, but instead, are old and frail and unable to perform some of the basic activities of daily living such as dressing, bathing, eating, toileting, getting in and out of a bed, or chair, and walking.
As an individual age, there is an increased risk of needing long-term care to help assist with these daily needs. Medicare will not cover the expenses of long-term care, but Medicaid will for those who can not afford to pay.
It Can Happen at Any Age
Many people don’t realize that the need for long-term care can strike at any time. Statistics show that 40% of people receiving long-term care insurance services are working-age adults, between the ages of 18 and 64.1 Would you be prepared for long-term care, if you suddenly required it?
What is Long Term Care and What it isn’t?
What it is?
Long-term care is the type of care that you may need if you can no longer perform “activities of daily living” by yourself, such as eating, bathing, or getting dressed. It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer’s disease. Care can be received in a variety of settings, including your own home, assisted living facilities, adult daycare centers, or hospice facilities.
Long-term care insurance can be covered completely or in part by long-term care insurance. Most plans let you choose the amount of coverage you want, as well as how and where you want to use your benefits. A comprehensive plan includes benefits for all levels of care, custodial to skilled.
What it isn’t?
Long-term care isn’t the type of care that you receive in the hospital or your doctor’s office. It isn’t the medical care you need to get well from a sickness or an injury. It isn’t short-term rehabilitation from an accident or recuperation from surgery.
Long-term care insurance is not always administered in a nursing home. In fact, more than 80% of all people receiving long-term care assistance are not in nursing homes.