Long-term care
If you need help taking care of yourself, long-term care facilities can provide you with the services you need. With long-term care insurance, stays in these facilities become far more affordable.
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Long-Term Care Insurance Benefits
- Allows you to prepare for injuries or illnesses that disrupt your ability to complete routine daily activities, like bathing, dressing, toileting, and getting out of bed.
- Pays for long-term care if you are afflicted with a disability, chronic medical condition, or disorder such as Alzheimer’s disease.
- Reimburses you for care given in a variety of places, including:
- Your home
- A nursing home
- Assisted living facilities
- Adult daycare centers
Who Needs Long-Term Care Insurance
- Nearly 70% of people aged 65 and older will need long-term care services or support at some point.
- Women require this form of care for an average of 3.7 years.
- Men require this form of care for an average of 2.2 years.
- Regular insurance doesn’t typically cover long-term care. Therefore, long-term care insurance is necessary to avoid dipping too deeply into your savings.
- Medicare only covers short nursing home stays and limited amounts of home health care.
- Medicare doesn’t pay for custodial care, which includes supervision and help with daily activities.
How Do Long-Term Care Policies Work?
- First, you fill out a policy application that includes health questions.
- The application process may require you to submit medical records and engage in an interview with the insurer’s representatives.
- As part of the application, you choose how much coverage you would like.
- Once you’re approved and the policy is issued, you must pay premiums.
- You become eligible for benefits if/when you can’t do at least two out of six “activities of daily living” or suffer from dementia or another cognitive impairment. Activities of daily living include:
- Bathing
- Caring for incontinence
- Dressing
- Eating
- Toileting
- Transferring
- When you make a claim, the insurer must approve your plan of care before approving your claim. You may be required to pay out-of-pocket for a certain amount of time, up to 90 days.
- Once your claim is approved, your care will be covered by the insurer.