What exactly is long term care insurance?
Long term care insurance is a type of health insurance designated to provide care for individuals living with the chronic illness or injury. Long-term care insurance provides both medical and non-medical assistance to the insured, regardless of whether in a care facility such as a group home or a nursing home or living in their own home and in require of help with their daily treatment. It differs from other types of care that are covered by traditional insurance coverage since it pays for help with custodial care, or assistance with tasks of everyday living that most people can do for themselves.
It is sometimes a difficult task to begin thinking and talking about long term care insurance. We all don’t like to think of ourselves as no longer independent and able to care for ourselves. However , just as with car insurance, life insurance plus home owner’s insurance, long term care insurance is an extremely important piece of safety and protection for you and your family. You may never need long-term care, but when a disabling injury or disease affects your life it often results in long-term effects that prevent you from carrying out your activities of daily living such as bathing, dressing, and using the bathroom. This is when it is necessary to have ongoing help. It could be burdensome or even impossible for family members to provide this level of care on the long term basis. When this is the case, other long term care options could be the most logical choice for your needs.
Is usually Long Term Care Insurance Expensive?
Depending on the level of care that is needed as well as the length of time the care is needed, long term care can become extremely expensive. The costs can include supplies and medications, nursing care or direct care assist, adaptive equipment, physical therapy equipment, and other needs that are not covered by traditional health insurance. These long term care needs may be a temporary situation, yet are generally health care needs that the covered well have for the rest of their lives.
Like all types of insurance, it is possible you may never have the claim against your long term care insurance policy, but if chronic illness or injury leaves you unable to independently care for your activities of everyday living. It is expected that this year over 9 million adults in America will require long term health care. That number is anticipated to rise as high as 12 million from the year 2020. As many as 70 % associated with elderly adults who need long term treatment will receive it at home through family or friends. Long term treatment insurance will cover the costs associated with this type of at home care.
Of adults over the age of 65, there is a 40% chance they are going to need to consider nursing home care. About 10% of the people who get into a nursing home will wind up staying there for five yrs or longer. By having long term care insurance, you don’t need to worry about whether your Medicare or primary health insurance will pay for care in the nursing house. Your long-term care insurance will cover these expenses.
What About Medicare?
Several seniors depend upon Medicare to help spend on their health care costs. However , Medicare does not pay for most long-term treatment. Medicare will pay for medically necessary skilled nursing care whether in facilities or home care, but you must meet eligibility requirements and most other options must be paid for by different means, such as long-term care insurance policy.
However , not all long term care insurance plan is the same. Some will pay only for nursing home care, while others will probably pay for a wide range of services and loves you such as informal home care, adult day care centers, assisted living services or facilities, medical equipment while others.
When you are considering different long-term care plans, it can be very helpful to think about the various activities and functions you may need help with. You should consider what future needs you may have, especially any that are based on situations or situations you are already coping with. Consider activities of daily living for example bathing, dressing, eating, toileting, and moving in or out of bed, a chair or a wheelchair.
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Next, think about additional services you might need help with like shopping, preparing meals, housework plus laundry, getting to appointments, handling funds and bill paying, using the phone and home maintenance and repair work. Further, consider whether you will require help with remembering to take your medicines, monitoring your diabetes, using attention drops or ear drops, obtaining oxygen or caring for a colostomy bag or a bladder catheter. These are all areas that a long term health insurance strategy can help you pay for.