Long Term Care Insurance
You may be wondering, “What is long term care insurance and why might I need it?” At the onset, Long Term Care Insurance (LTCI) was introduced as nursing home insurance which is why long term care coverage is often misunderstood today.
Depending on the specific policy, LTCI can cover a broad variety of treatment and aid-giving options such as home health care, homemaker services, respite assurance, adult care aid, and other assisted living arrangements, in addition to nursing home care.
Some LTCI policies today have built-in provisions to adapt as technology changes. This means they’ll help to cover the care capabilities available today and in the future.
SOME SERVICES COVERED BY LTCI
- Home Health Care
- Respite Care
- Hospice Care
- Personal Care in Your Home
- Assisted Living Facilities
- Adult Day Care Centers
- Other Community Facilities
- Nursing Homes
- Memory Care Facilities
Like other forms of insurance, LTCI allows you to pay a set premium that helps protect* you against a potentially expensive extended healthcare event.
Activities of Daily Living
Personal care, sometimes called custodial care, helps with activities of daily living (ADLs) – the daily activities you do to take care of yourself.
Examples of these activities include:
Most policies also help cover the cost of care for patients with a cognitive impairment such as Dementia, Alzheimer’s, and memory loss.
*Product guarantees are backed by the financial strength and claims-paying ability of the issuing insurer. As with other types of insurance, the extent of the services covered is dependent upon the conditions of eligibility and limitations set forth in the policy and the policy may not cover all of the costs associated with long term care.