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Long Term Care Insurance
Long-term care is a step beyond medical and nursing care. It includes all the assistance you could possibly need if you ever have a chronic illness or a disability that leaves you unable to care for yourself for a prolonged period of time. Individuals can receive long-term care at home, in an assisted living facility or in a nursing home. Long-term care is assistance with any activities of daily living, which can include bathing, continence, dressing, eating, toileting and transferring (moving in or out of a bed, chair or wheelchair). Long-term care can also include short term rehabilitation; for example, a three-month rehabilitation after a knee replacement. Click here for a broader explanation of Activities of Daily Living.
Older people use the majority of long-term care services; however, long-term care can also be used by a younger person who has suffered a serious illness or been in an accident. Approximately 1/3 of LTC cases are people under 60.
In addition to nursing homes and home health care, there are a variety of services that fall under long-term care needs. Some of these services include respite services for caregivers who need a break, adult daycare centers, visiting nurses, and homemaker companion services. Long term care insurance offers long term peace of mind. We have included a list of Long term care terms.
Things to consider when buying Long Term Care Insurance:
* Most people buy LTC between ages 55 and 75. Average age is 59. Can buy to age 84.
* Must be in reasonably good health.
* Monthly benefits available - $1500 - $15,000 in $100 increments. Most buy $3000 - $5000
* Daily benefits available - $50 - $500 in $10 increments. Most buy $100 - $130.
* Benefit periods available - 2, 3, 4, 5, 6, 10 years to life. Most buy 4 to 5 years
* Elimination periods available - 30, 60, 90, 180, 365 days
Statistical need for coverage for extended care:
* 2.5% of population average 10 years or more of long-term care.
* 11.4% of population average 6 years of long-term care.
* 86.1% of population average 2.6 years of long-term care.
Having a conversation with a loved one about their need for long term care can be stressful and difficult. The American Health Care Association and The National Center for Assisted Living have created an informative publication on how to address this issue. A Guide for Families Having the Conversation About Long Term Care is an invaluable resource to families considering these important decisions.
If you are considering the purchase of Long Term Care Insurance you should read: The Top Ten Reasons People Should Obtain A Long Term Care Insurance Policy and A Shopper's Guide To Long-Term Care Insurance and How Do Long-Term Care Insurance Policies Work?
Another excellent LTC resource is the Guide To Long-Term Care Insurance published by America's Health Insurance Plans, a national trade association representing 1300 member companies providing health benefits to over 200 million Americans.
An estimated 4.5 million Americans have Alzheimer's Disease. The Alzheimer's Association has produced an alarming Fact Sheet concerning Alzheimer's Disease statistics.
For more information or to get a quote, please fill out our online Long term care quote form.
If you have additional questions, please feel free to contact us.
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