Many people think their health insurance will pay for long term care expenses. While health insurance may cover a short hospital stay or brief rehabilitation period, long term care insurance pays for long term assistance and rehab services.
So what exactly does long term care insurance (LTCI) cover? Here’s what you need to know.
LTCI Pays for Long Term Care Services in Various Locations
Long term care insurance allows you to choose the place and setting that’s right for you. You can receive care in:
- Your home (home care)
- Assisted-living facilities
- Memory care facilities
- Nursing homes
- Adult day care or other community programs
LTCI Pays for Assistance with Activities of Daily Living (ADLs) and Therapies
To be eligible for coverage, an individual must need help with at least two activities of daily living. LTCI pays for the insured to receive personal assistance with daily care in a facility or location of their choosing.
In addition, long term care insurance may pay for:
- Occupational therapy
- Speech therapy
- Physical therapy
- Rehabilitation therapy
- Housekeeping and errands
- Respite care
- Hospice care
- Post-hospitalization care
Additional LTCI Policy Features
Check your policy to see if you are eligible for additional features and benefits. The following may be included on your long term care policy.
- Home Modifications – an allowance to install wheelchair ramps, grab bars, railings, etc. in your home.
- Recommendations and Coordinated Care – a designated carrier representative assigned to offer recommendations and help with coordinating care when on claim.
- Cash Benefits – some policies include a cash benefit up to a maximum allowance. Check if a cash benefit is available with your policy so you can use the benefit however you wish.
Interested in learning how long term care insurance could help pay for your care? At LTC Consumer, we help educate individuals, just like you, on long term care planning. Request an instant quote today.