Long Term Care Insurance creates a stream of income to help pay for the ever-increasing costs of long-term care services so that your assets are preserved and your family is protected.
Lot's of Choices
Age and Health Help Determine Your Rates
Other than your policy design, the biggest factors in determining your rates are your health and age when you apply. You must medically qualify for coverage and so it is important to apply while you are younger and healthier. Don’t risk your insurability by postponing your decision!
Today there are more long-term care planning solutions than ever that range from traditional stand-alone long-term care policies to asset-based plans that combine life insurance or annuities with long-term care benefits.
Stand-alone policies insure your risk at the lowest overall cost and well-designed plans can be very affordable.
Asset-based plans allow you to reposition an existing asset for long-term care benefits if needed, or a death benefit if it is not. These policies involve a larger initial deposit or series of deposits and appeal to those who want a plan that will transfer assets to their heirs if long-term care is never needed.
Long-Term Care Policies Keep You at Home
Most long-term care claims are made for covered services received in a person’s own home so that they are able to stay independent and with family for as long as possible. Policies typically pay for both custodial and licensed care from a licensed home health agency. Custodial services are usually provided by a home health aide who is able to help with bathing, dressing, cooking, and shopping. Licensed care generally includes physical, occupational, and speech therapy in addition to any other covered medical services.
If You Need More Care
If the time comes that you need more than home care, a long-term care policy will pay for services received in an Assisted Living Facility, Adult Day Care, or Skilled Nursing Home. Once you are eligible for benefits, your policy will pay for services in whichever of these environments that best meets your needs.
When Can I Access My Policy Benefits?
Your policy benefits are available once a Licensed Health Care Practitioner certifies that you need qualified long-term care services due to one of the following:
You need substantial help with at least 2 of the 6 Activities of Daily Living (ADL’s) which is expected to last at least 90 days. ADL’s are defined as bathing, dressing, eating, transferring, continence and toileting.
You need substantial supervision due to a cognitive impairment such as dementia,
or Alzheimer’s disease, in order to keep you safe.