Long-term Care Insurance
Long-term Care (health) insurance is primarily a benefit for those who have risk or need “custodial care” assistance. Although, custodial care is thought to apply only to seniors; accidental injuries and illnesses can make this type of benefit applicable to practically anyone, who could experience an illness or injury.
Generally, this benefit provides for assisted living facilities, home healthcare, nursing home care, or assisted living centers. Benefits are provided on a monthly or daily basis subject to policy conditions. The qualification for benefits are determined by the insured’s inability to perform 2 of 5 “Activities of Daily Living”.
These ADL’s included: Transferring, Toileting, Dressing, Eating and Cognitive Abilities. Long-term Care plans are designed to provide for the cost of custodial or skilled nursing care, as an injured or sick insured recovers. Meeting the requirement, which, again is determined by the insured’s personal physician, is limited to meeting only 2 of the 5 ADL’s.
Long-term Care plans are available to individuals as young as age 18. The greatest benefit of planning early is the "lock-in" of lower premium costs. As stated previously, Long-term Care is not only an exposure for the elderly in America. Many young and mid-age individuals suffer from disabilities due to auto, work-related, & non work-related accidents, plus long and short term illnesses. Preparing for these life changing events can protect your assets and your future retirement income. Without the necessary planning, only Medicaid and certain government programs (if available) can provide any assistance - (subject of course to complex rules and requirements.)
It is important to discuss benefits, limitations and other concerns of these plans with a licensed professional. If you have questions or concerns about your current Long-term Care program, or if you need to consider the process of establishing a program, please complete the online quote request or call our office for assistance.