People are living longer than ever today. But 70% of those over 65 will need long term care at some point in their life. Health insurance won’t pay for it, Medicare and Medicaid may provide limited coverage but only if you meet certain criteria.
Long term care insurance on the other hand, can provide you with the coverage you need to allow you to live your life on your terms and where you want to live. Aging isn’t the only reason to plan for long-term care, it’s there for you if a chronic illness or disabling injury prevents you from living on your own or properly caring for yourself, no matter how old you are.
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WHAT IS LONG-TERM CARE INSURANCE?
As you age, you may need help with things you’ve always been able to do yourself – shopping for groceries, fixing meals, cleaning the house. You may also need help with personal services, like bathing, eating, dressing or taking medications. A long-term care insurance policy is designed to help you pay for these types of services. It includes care provided by nursing homes, assisted living facilities, adult day care centers, hospice facilities, skilled nurses or home health aides in your (or your loved one’s) home. Having a long-term care plan in place can help you continue to live well without sacrificing the income, investments, and savings you’ve worked so hard to accumulate.
HOW LONG-TERM CARE INSURANCE POLICIES WORK
A licensed health care practitioner must certify that you are chronically ill and submit a plan of care prescribing long-term care services.
You choose how to receive policy benefits. A traditional reimbursement benefit is payable after satisfying your policy’s elimination period. Or you can elect to receive a cash benefit with no elimination period to satisfy.
Your long-term care insurance policy will have an elimination period during which time any costs for long-term care services are your responsibility.