LONG TERM CARE COVERAGE

Many people are asking about Long Term Care Coverage. The possibility of needing a nursing home or home assistance can be very costly and Long Term Care Coverage could be a solution for these situations. It definitely needs to be part of your financial plan. Below are some of the most frequently asked questions and answers concerning Long Term Care. Please review this information when planning the future for you and your family.

 Why buy Long Term Care Insurance?

There are many elderly people who, due to some physical or cognitive disease, are unable to care for themselves. Long Term Care insurance could potentially cover nursing homes, assisted living facilities, adult day care, in-home care and other functions that help us get through everyday life. It is not medical insurance; it is simply for everyday life functions and living. Long Term Care Insurance is also not just for the elderly. If a 30 year old purchased Long Term Care Insurance and soon after became paralyzed in an accident, or was diagnosed with a degenerative disease, Long Term Care Insurance could provide coverage for life.

What levels of care do Long Term Care policies provide?

While the wording may differ from policy to policy, there are three basic categories into which care may fall: home settings, assisted living and skilled nursing facility. The ideal policy will cover all three, since one never knows the type of care that will be needed. A person could have condition that could be cared for at home, but the policy only covers nursing home care. This person could have no coverage or be prematurely forced into a nursing home. Conversely, if the policy only provides home coverage and assisted living care, and the condition requires full-time skilled care at a nursing home, the person could find that they do not have the necessary coverage.

What happens if a person gets sick or has an accident and doesn’t have Long Term Care Insurance?

If a person is in need of nursing home care, for example, and is without Long Term Care Insurance, the nursing home would be paid for out of the person’s assets. Government assistance would usually not begin until not only that person’s assets were virtually depleted, but the assets of their spouse as well. (An attorney or Medicaid specialist should be consulted for specific advice.) Another question to consider is how long the assets and retirement funds will last if a person does not have Long Term Care Insurance.

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