Long Term Care (LTC) is much more than “nursing home” insurance. LTC can range from help with simple activities such as bathing and dressing in the familiar surroundings of your own home to skilled care in a nursing facility.
LTC is care that is provided over a long period of time. You may need LTC for a sudden, serious illness or accident; supportive care due to the frailty that come as you grow older; or a chronic condition such as Alzheimer’s disease.
Types of Long Term Care
Long Term Care is generally provided within four settings.
Home Care is preferred by many as care can include everything from simple assistance with Activities of Daily Living (ADLs), to skilled nursing care and even hospice care.
Adult Day Care can be thought of a “” facility care. If the patient cannot be left unattended then Adult day care can be the solution. A patient can live at home who otherwise would require a full-time care facility.
Assisted Living Facilities or residential care facilities for the elderly are for those who need more constant and attentive care, but are still independent and able to get around by themselves. Assisted living facilities provide housing meals and personal assistance.
Nursing Facilities are for people needing the highest degree of care. Medical care is administered or available daily. Skilled nursing is provided 24 hours-a-day and daily medical records are usually kept for each patient.
How Do I Qualify for a Policy?
Not everyone qualifies for Long Term Care insurance. To be covered by a policy, there is underwriting. Your good health ensures you can obtain coverage. This is why it is important to act while in reasonably good health.
There can be great differences between features, options, eligibility requirements and benefits of Long Term Care policies.
Daily Benefit is the maximum amount the policy will pay for qualifying coverage and will usually range from $50 to $250 per day for care in a nursing home. Home care benefits are typically set at 50% of the facility charge, although some policies allow you elect 100%.
Lower Daily Benefit = Lower Cost
Higher Daily Benefit = Higher Cost
Benefit Period/Benefit Maximum is the amount of time (“benefit period”) or the amount of money (“benefit maximum”) for which your policy provides benefits. Some policies express the maximum benefit in dollars instead of time. Policies which offer unlimited benefits are also available.
Shorter Benefit Periods = Lower Cost
Higher Benefit Periods = Higher Cost
Elimination Period is your deductible. It is the number of days you receive qualifying care before your policy starts paying benefits.
Shorter Elimination = Higher Cost
Higher Elimination = Lower Cost.
Features to Look For
Be certain your policy covers cognitive impairments, which includes Alzheimer’s disease and senile dementia.
Hospice care provides physical, emotional, Social and spiritual comfort for you or your loved ones. California requires hospice care for the terminally ill to be included in home care policies.
Deutsch Insurance Associates represents many different Long Term Care insurance companies. We will work with you to obtain the best coverage for your needs and will endeavor to continue to earn your trust.