Long-Term Care Insurance helps pay for the costs of extended medical care which is most often not covered by health insurance, Medicare, or Medicaid.
There are 3 different levels of care in a facility: Skilled, Intermediate and Custodial.
Medicare will only cover the cost of the first level, Skilled Care. And Medicare will not pay for care for Alzheimer’s or dementia. Long-Term Care policies are there to fill that gap.
People who cannot perform just two of these six activities of daily living (ADLs) may need long-term custodial care:
-
Dressing
-
Bathing
-
Eating
-
Visiting the bathroom
-
Maintaining continence
-
Getting in and out of bed or chairs
-
Walking
Medicare only pays for skilled care and rehab. Do you have a plan to cover other costs? Considering long-term care is an important part of any long-range plan. It allows you to protect your savings and have more choices about your care.
Premiums paid on Long-Term Care Insurance (LTC or LTCI) may be eligible for tax deductions.
Don’t wait until you need it to get protection. You won’t qualify for long-term care insurance if you have a debilitating condition.
It’s not just nursing home care.
Long Term Care can be care received at home or as rehabilitation services. It’s not necessarily institutional care, as many believe. If you are recovering from a serious injury or illness, you may require more care than your loved ones can provide. An LTC policy can be the safety net you need when in-home care and professional assistance is the only road to regaining your health.
No one expects to need Long Term Care, but the truth is you need to plan for it.
Three out of five people will eventually need some kind of facility care.
What are you prepared for in the event of needing Intermediate or Custodial care?
How will you pay for that care?
There are ways to prepare.
Now, insurance companies have designed affordable solutions for most budgets to protect you against unforeseen (and sometimes financially devastating) situations. There are several types of plan options to explore.
Ohio Senior Insurance has nationally-certified Long Term Care consultants ready to help you navigate your long-term care choices.