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 – Getting in and out of bed
- 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 to get long-term care services when you need them. 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) can only have a minimal amount of assets. The level of care in these state-run Medicaid nursing homes has 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 you desire 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 can 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.
