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Long Term Care
What is Long-Term Care Insurance?
Long-term care insurance is a type of insurance designed to cover the costs of long-term care services that aren’t typically covered by regular health insurance. These services include assistance with routine daily activities such as bathing, dressing, or getting in and out of bed. Long-term care insurance is particularly beneficial when you have a chronic medical condition, disability, or disorder such as Alzheimer’s disease. Policies usually reimburse you for care given in various places like your home, a nursing home, an assisted living facility, or an adult day care center.
Why Long-Term Care Insurance Matters
How Long-Term Care Insurance Works
When you apply for a long-term care insurance policy, you’ll need to fill out an application and answer health questions. You choose the amount of coverage you want, and once approved, you begin paying premiums. Most policies stipulate that you’re eligible for benefits when you can’t perform at least two out of six “activities of daily living” on your own, or if you suffer from dementia or other cognitive impairment. These activities include bathing, caring for incontinence, dressing, eating, toileting, and transferring (getting in or out of a bed or a chair).
Doesn’t Medicare or Medicaid Cover Long-Term Care?
How to Buy Long-Term Care Insurance
You can buy long-term care insurance on your own, through an insurance agent, or through some employers who offer group plans. After filling out an application and going through an interview process, you’ll choose the coverage that fits your needs. Once approved, you start paying the monthly premiums.
Long-term care insurance is an important part of planning for the future. By understanding what it is, why it matters, and how to buy it, you can make an informed decision that best suits your needs and circumstances.
The Trust understands that individual needs may differ when it comes to Long Term Care insurance. We endorse a wide array of highly rated national carriers and benefit options to choose from.
Additionally, several of our highly rated carriers offer member discounts, enhancing the value of your policy.
We want to ensure you purchase a policy that is the ‘best fit’ for you, we recommend you speak with a Long Term Care Specialist.
A phone consultation allows the specialist to determine your specific needs, and does not obligate you to purchase anything.