What is long-term care insurance?
Long-term care insurance is a type of insurance specifically used to cover the cost of long-term care services, most of which are not covered by major medical or traditional insurance.
As a nurse working for over 20 years in a long-term care facilities (nursing homes) I understand the real need for this type of insurance. Even though most of the elderly receive medicare, long-term care is not always completely covered with medicare payments. The rapid increase in costs for long-term care has put many families in a bind when it comes to covering the cost of long-term placement for their love ones. Also, in years to come, who knows what will happen to Medicare, considering the present national debt, this may not even be an option.
Long-term Care Insurance
is used to assist people with support services such as activities of daily living, like dressing, bathing, and using the bathroom. It can be needed to provide care at home, in the community, in assisted living, nursing home facilities and also with Hospice Care. You may even need it early in life, if you become partially or thoroughly due to a chronic illness or accident.
With Long-Term Care Insurance you also have the flexibility of choosing certain options bust suited for you: such as the type of service, the amount of services, the cost and the setting in which you will use these services. Also. depending on how old you are when you purchase your policy and any optional benefits you choose, such as inflation protection. However if you are in poor health at the time of need for Long-term care insurance you may not qualify or may only be able to buy a more limited amount of coverage.
Long-term care insurance has a benefit period or a lifetime benefit maximum, which is the total amount of time or dollars up to which benefits will be paid. Common benefit periods for long-term care insurance are two, three, four or five years. There are fewer companies today willing to offer unlimited/lifetime policies. With long-term care insurance you pay premiums in amounts you know in advance and can budget and the policy pays up to the coverage limits, with most premiums waived during the time you are receiving benefits.
Long-term care insurance
policies often cover addition services, such as: In-home electronic monitoring systems equipment, home modification, such as grab bars and ramps, transportation to medical appointments and training for a family member, friend or relative tp provide personal care safely and effectively.
Long-Term Care Insurance,
will usually cover the following:
Your home, including skilled nursing care, occupational, speech, physical and rehabilitation therapy, as well as help with personal care, such as bathing, dressing and feeding. Many policies also cover some homemaker services, such as meal preparation or housekeeping, in conjunction with the personal care services you receive. Adult day health care centers, Hospice and Respite care. And also, Assisted living facilities, Alzheimer’s special care facilities and Nursing Homes.
Additional some Long-Term Care Insurances may cover: Equipment such as in-home electronic monitoring systems, Home modification, such as grab bars and ramps, Transportation to medical appointments and training for a friend or relative to learn to provide personal care safely and appropriately.
What is usually not Covered by Long-term care insurance?
Care or services provided by family members unless the family member is a regular employee of an organization that is providing the treatment, service or care and the organization they work for receives the payment for the treatment, service or care and the family member receives no compensation other than the normal compensation for employees in his or her job category.
Care of services for which no charge is made in the absence of insurance.
Care or services provided outside the United States of America, its territories or possessions. However, a growing number of policies now have an international care benefit that can provide care outside of the United States.
Care of services that result from war or act of war, whether declared or not.
Care or services that result from an attempt at suicide (while sane or insane) or an intentionally self-inflicted injury.
Care or services for alcoholism or drug addiction (except for an addiction to prescription medication when administered in accordance with the advice of your physician.
Treatment provided in a government facility (unless otherwise required by law).
Services for which benefits are available under Medicare or other governmental program (except Medicaid). any state or federal workers’ compensation, employer’s liability or occupational disease law, or any motor vehicle no-fault law.
Not everyone will qualify for Long-Term Care Insurance Exclusions include, Aids patients, patients with Alzheimer’s disease or any for of dementia or cognitive dysfunction and if you have a progressive neurological condition such as Multiple Sclerosis or Parkinson’s Disease.
As with any insurance do your research first, don’t buy out of fear or emotion, and you may already have enough insurance to cover what you may need. They is no “one-size-fits all policy” for Long-Term Care Insurance.