Long-Term Care Insurance

LONG TERM CARE INSURANCE

Why Long term Care Insurance?

Long-Term Care Insurance provides financial support to help pay for care related to a chronic condition.

It refers to a broad range of medical, personal, and environmental services designed to assist individuals who have lost their ability to remain 100% independent. Though a person may lose their 

independence for a short period of time from an accident or illness, Long-term care refers to care provided for an extended period of time (90 or more days) which is typically needed because of a chronic condition.

What Does Long-term Care Insurance Cover?

The need for long-term care can happen at any age for a number of chronic conditions. Long-term care insurance helps those who need assistance caring for themselves because they cannot perform 2 or more activities of daily living:

    • Eating – Feeding Oneself
    • Bathing – Bathing Oneself
    • Getting dressed  Dressing Oneself
    • Toileting – Using a toilet and perform associated personal hygiene
    • Transferring –
    • Continence – Control of one’s bladder and/or bowel

Long-Term Care Insurance provides financial support to help pay for care related to a chronic condition.

The fact is you don’t need long-term care insurance in order to get long-term care services when you need it. You can pay for long-term care with your own money and if your money runs out you will more than likely qualify for the welfare program of the state you live in. To qualify, you (and if you are married, your spouse) are only able to have a minimal amount of assets. The level of care in these state run Medicaid nursing homes have limited funding and staff. The location of the facility where you could be sent may also be miles from your home away from friends and family.

Long-term care insurance gives you more control. It allows you to save your assets if your desire is to give them to children, grandchildren or your favorite charity. Long-term care insurance allows you to keep your dignity and have the money to pay for better care than state run welfare programs are able to provide.

Decision Tree offers two types of LTC insurance plans

Traditional Long-Term Care Insurance Plans allow individuals to pay predictable premium payments to an insurance company for the promise that the insurance company will provide them with the financial support promised in the contract in the event they have a long term care services need.

For people who are concerned about their future long-term care needs but not convinced that traditional policies are the solution for them, there’s a newer kind of insurance option that is growing in popularity. They’re alternatively called “hybrid products” and they typically incorporate long-term care benefits.

Let’s Make A Plan Together