Long Term Care: it’s a term that sounds simple and specific, but in fact is complex and vague. Nursing homes are the first things that come to the minds of a lot of people, but that’s only the start. Let’s take a closer look.
Here are some of the care environments that long term care insurance is designed to cover:
- Nursing homes
- Assisted-living facilities
- In-home/home health
- Alzheimer’s care facilities
- Adult day care and other community programs
That’s where. Here’s what.
Regardless of location, long term care insurance usually pays for skilled nursing care, occupational therapy, physical therapy, rehabilitation therapy, speech therapy, housekeeping and errands, respite care, hospice care, post-hospitalization care, and personal care including daily living activities such as bathing, dressing, transferring, eating, toileting and continence.
Keep in mind, however, that the average LTCI policy does not cover every expense; usually does not pay family members for their time as caregivers, and generally does not cover prescription drugs, Medicare Part B, or regular visits to a doctor. Care for pre-existing illnesses or disabilities, nervous disorders, mental health issues, and conditions resulting from drug or alcohol addiction are rarely covered.
It’s a good idea to be sure to fully understand what is and is not covered under any policy you are considering for yourself, your parents, or other loved ones. Speaking with a specialist is the best way to make sure you have a clear understanding of what you are applying for.
LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.