What is Long Term Care?
Recipients of LTC are not “sick” in the traditional sense. Instead, they unable to perform some of the activities of daily living such as dressing, bathing, eating, and getting in/out of bed, toileting, walking or other basic activities.
Overall, Long Term Care covers services that fall under two general categories which are skilled care and personal care.
- Skilled care is provided when recovering from an illness or an injury.
- Personal care helps maintain the daily activities and functions of life.
As stated, long-term care is usually not medical care and most often does not require a doctor or a nurse. In addition, the need for LTC is not always age related. In fact, statistics tell us that more than half of all individuals age 65 & over will need LTC at some point. Even so, it is important to note that roughly 40% of those receiving LTC today are between the ages of 18 and 64.
Why LTC Insurance?
Regular health insurance, Medicare or Medicaid typically will not pay for Long-Term Care services. The cost of LTC can quickly add up and burden those closest to you, both financially and emotionally. Purchasing a LTC plan can help you avoid those difficult situations, as well as give you the power you need to maintain control of your care, choosing the facilities that best suit your needs. Thus, instead of allowing welfare or the government to make your LTC decisions for you, you are in charge. Additionally, you should be aware that Disability Income Insurance is not designed to cover LTC expenses, but simply replaces part or all of your income during your working years should you become disabled. You need specific coverage to pay for long-term care needs.
Examples of what LTC policies may cover:
Institutional Care: Nursing home, assisted living services, residential care facility, hospice care, adult foster home, respite care and more.
Home Care: Home health care, adult day care, personal care, homemaker services, hospice care, respite care and more.