Who Typically Needs Care?
According to various studies at one point or another, about half of all 65 year olds will require long term care for 2-5 years or longer. Most will develop a disability or ailment that requires daily care and assistance for an extended period fo time. Those who do not have long term care insurance will be responsible for handling the costs of care out of pocket. A long term care insurance policy would help cover the costs associated with services not typically covered by health insurance. These services may include daily activities such as bathing, dressing, as well as care for chronic medical conditions such as Alzheimer’s disease.
What does Long Term Care cover?
Different types of policies ranging all the way from Hybrid plans which combine life insurance with long term care benefits, offer different amounts of coverages and benefits. Listed below are some common type of services typically covered by a long term care insurance policy.
- Family Care
- At Home Care
- Professional care
- Unskilled care
- Nursing home care
What about Health Insurance?
Despite the different types of care available and potentially required by you, all can lead to costly bills which may leave you with depleted assets. Your health insurance plan will NOT cover the costs of your long term care as health insurance and medicaid will only cover the costs associated with any short term care. Short term care excludes the daily living activities associated with long term care.
Purchasing a long term care insurance policy for yourself, could help protect your assets as well as ensure you can afford to receive proper long term care should the need arise.
If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.