Long Term Care Insurance
Long Term Care Insurance Quote Forms
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Long Term Care
Statistics show us that at least 6.4 million people aged 65 or older need long term care, with 1 out of 2 over age 85 requiring care.* Such care is provided when someone can no longer independently carry out essential everyday activites like eating, bathing, dressing, etc. Most people think of long term care as something needed only by the older population, but accident or illness can strike someone of any age. If it does, they too may find themselves in need of assistance.
Traditionally, women in our families have provided this care when needed. However, today's smaller families may be scattered across the country, and many women are now working outside the home. What's more, caring for a loved one full-time can overwhelm even the most devoted family member. As a result, more caregivers than ever are turning to outside resources to help with care of a family member.
Many people automatically think of nursing homes when they think of long term care, but there are other options available as well, some provided in your own home or others in the community.
*Planning for Long Term Care
United States Seniors Health Council, Washington D.C., McGraw-Hill, NY, 2002
Long Term Care Insurance
Long Term Care Insurance pays benefits when long term care is prescribed by a physician as medically necessary when someone is no longer able to take care of basic needs or Activities of Daily Living (ADLs). Usually a policy will cover all levels of care in state-licensed nursing homes, and many policies will cover assisted living facilites and home health care. Home health care services typically include nursing care, therapy, personal care, and homemaking. Generally, home health care agencies must be state-licensed.
The typical policy will contain a waiting period prior to benefits being paid, called an elimination period. After you have satisfied the elimination period the policy pays up to a maximum daily dollar amount for each day you receive approved care. The policy will generally pay this daily dollar amount for a set number of years, however, some carriers do offer a lifetime benefit. All policies are required to offer an inflation protection option that can either be on a flat percentage amount each year or a compound percentage amount.
Here are some of the carriers we represent -
