Long Term Care Insurance
Marcy Sucher Insurance wants to help you protect your future with the right life insurance plan.
What is Long Term Care Insurance?
Long-term care (LTC) insurance
covers the cost of assistance for everyday living tasks (Activities of Daily Living like bathing or dressing) due to chronic illness, disability, or aging . Medicare does not cover this care, making LTC policies vital for protecting personal assets from the high costs of home health aides or nursing facilities.
What to Know About LTC Insurance
Long-term care insurance generally provides benefits to a covered individual who is unable to perform two or more of the following activities (these are also called activities of daily living, or ADL):
- Bathing
- Continence
- Dressing
- Eating
- Toileting
- Transferring (moving in or out of bed, chair or wheelchair)
What is Covered Under LTC Plans?
Long-term care insurance generally provides for the following types of care:
- Nursing care
- Home health care
- Adult day care
- Respite care
- Assisted living
- Rehabilitation, and
- Hospice
Unlike health care insurance, which is designed to provide medical services that promote good health, plus treatment for illness and injury that lead to recovery, long-term care is instead designed to help individuals maintain their physical and mental comfort over time.
Types of Policies
Traditional LTC Insurance
Traditional Long-Term Care plans function like standard health insurance, where you pay a monthly premium. Premiums can increase over time, and if you never use the care, the money you've paid into it is lost.
Hybrid (Linked-Benefit) Policies
Designed to be an affordable alternative to traditional long-term care insurance, hybrid policies work differently. They are specifically tailored for home health care assistance, and not intended for nursing home or rehabilitation assistance.