What is Long-Term Care?
Due to aging, a prolonged illness or injury or mental or physical illness, some people find themselves in need of help with eating, bathing, dressing, toileting, continence and/or transferring (e.g. getting out of a chair, a bed, etc.). These six actions are called activities of daily living — sometimes referred to as ADLs. Generally, if you can’t do two or more of these activities, or if you have a cognitive impairment, you are said to need long-term care.
Long-term care insurance specifically covers the cost of nursing homes, home health care, assisted living and other long-term care services. Usually, these services aren’t covered by traditional health insurance or Medicare.
Long-term care insurance typically pays benefits for covered long-term care services, including services you receive:
- In your home
- In an assisted living facility
- In a nursing home
The purpose of long-term care insurance is to help protect you against the risk of paying the high cost of long-term care services.
Why do I need coverage?
A long-term care insurance policy may help you:
- Remain independent and receive quality care in your home
- Avoid tasking your family or friends with the responsibility of caring for you
- Keep your savings intact for the things you really want to do
What policy is right for me?
A long-term care insurance policy can be tailored to meet your needs. The basic features of a long-term care insurance policy include:
- The benefit period
- The monthly benefit amount
- The elimination period
- The maximum lifetime benefit amount
- Inflation protection options
Most long-term care insurance policies also offer a variety of optional features that can be added at an additional cost. It is challenging to think through this alone. Schedule a complimentary consultation today.