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Ensure Your Future Comfort
Long Term Care Insurance
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What is
Long-Term Care
Insurance?
Long-term care insurance provides coverage for a range of services beyond medical care, including assistance with daily activities, for individuals with chronic illnesses or disabilities over an extended period. It ensures financial protection and support when you need help with tasks like dressing, bathing, and managing daily routines due to physical or cognitive impairments.
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Who Needs Long-Term Care?
Considering Long-Term Care Policies:
Seniors Over 65: Around 70% of individuals aged 65 and above will need long-term care, with over 40% eventually moving to nursing homes, some for five years or more.
Seniors Over 85: This demographic, the fastest-growing, sees about 22% residing in nursing homes at any given time, with women facing a 50% higher chance than men of entering nursing homes after 65.
Middle-Aged Individuals: Surprisingly, about 40% of the 13 million receiving long-term care services are between 18 and 64, emphasizing the need across various age groups.
Functional impairments, like the inability to perform ADLs, and cognitive impairments, such as dementia, qualify individuals for long-term care benefits.
Policies typically cover skilled care by professionals like nurses, personal care, and supervision by trained aides. Ensure policies cover various care settings and additional services for comprehensive coverage.
What to Look for in a Policy?
01
At least one year of nursing home or home health care coverage, including assistance with ADLs.
02
Coverage for Alzheimer’s disease.
03
Inflation protection and clear outlines of coverage, limitations, and exclusions.
04
A guarantee against policy cancellation due to aging or health decline.
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A flexible refund policy and no prerequisites for accessing benefits based on care setting.
Common Questions
What Determines the Cost of Long-Term Care?
The cost varies based on the level of care needed and the duration of care required. Expenses can range from home care services to assisted living facilities and nursing homes, with costs influenced by location and specific care needs.
Who Covers the Expenses of Long-Term Care?
Generally, long-term care expenses are not covered by Medicare, requiring individuals to pay out of pocket. Long-term care insurance offers financial protection against these expenses, ensuring you can afford quality care without depleting your savings.
Where Can I Obtain Long-Term Care Coverage?
Long-term care insurance is available through group plans, often provided by employers, or through individual policies. Group plans offer coverage to employees and retirees, while individual policies offer customizable options based on your needs and budget.
