Long-term care insurance
(LTC or LTCI) is an insurance product sold in the United States and United Kingdom. Long term care insurance products help to provide for the cost of long-term care for individuals beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance or Medicare.
Individuals who will require
long term care insurance generally are not sick in the traditional sense, but are unable to perform the basic activities of daily living (ADLs). These include dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Anyone who needs assistance with these basic functions of life will benefit from having long term care insurance.
Age is not a determining factor in deciding if long term care insurance is right for you. About 60 percent of individuals over age 65 will require at least some type of long term care insurance during their lifetime. About 40% of those receiving long-term care today are between 18 and 64.
Once a change of health occurs, long-term care insurance may not be available. Early onset (before age 65) Alzheimer's and Parkinson's disease are rare but do occur.
Long term care insurance can cover both stays in licensed Assisted Living or Skilled Nursing Facilities, as well as in-home care, depending on your needs. There are many options that can make long term care insurance a right choice for your loved ones and yourself. Among them:
- Long term care insurance can allow you the freedom of choice of where you want to receive your care, allowing you to stay off of Medicaid.
- Long term care insurance will protect your family from the burdens of care costs, or having to take on care-giving duties themselves.
- Long term care insurance can be set to pay out anywhere from immediately when needed, or to 100 days after it is determined to be necessary. This can give you a range of options that can make long term care insurance affordable.
- With a wide range of payout times, long term care insurance can pay for your needs anywhere between 2 years and the rest of your life.
- Long term care insurance can pay anywhere between $50 to $400 per day for your care needs.
- Long term care insurance can also be annually adjusted to match the rate of inflation in the health care industry.
- Long Term care insurance can pay for assisted care for organic brain diseases, such as Alzheimers' Disease and Dementia.
Care can cost over $60,000 annually
in some states. Purchasing long term care insurance now can help prevent your loved ones from making difficult decisions or suffering financial hardship.
“Top 10 Benefits of
Owing Long Term Care Insurance - Even If You Never File a Claim”
To read the Life Insurance Selling
Magazine article by IA’s
President L. Nicholas Hogan, LTCP, LUTCF.
If you would like a PDF version of the
Industry Links Recommends Americans Buy
Long Term Care Insurance.