Long-Term Care Insurance

We're here to help you understand your benefits in the Medicare system.

Long-Term Care Insurance

Suppose you or a family member are diagnosed with a severe chronic or acute illness that requires an extended hospital stay and extensive medications. When you’re diagnosed with a serious illness, you should be focused on healing – the last thing you should be worried about is money or how you will pay for treatment. Continue reading to learn what long-term care insurance is, what it covers, and how individuals can obtain this kind of insurance.

What Is Long-Term Care Insurance?

Long-term care insurance, also called LTC, provides services and support to policyholders who are unable to perform two activities of daily living (feeding oneself, bathing, dressing, grooming, working, homemaking, toilet hygiene, mobility, and transferring).

Purchasing long-term care insurance is a way to prepare for your future in case long-term care is necessary. Long-term care insurance includes care in hospitals, nursing homes, adult daycare centers, hospices, custodial care, at home, or any facility that provides care.

Long-term care insurance covers the costs of services not covered by your primary care insurance. It goes far beyond regular health insurance in taking care of some of the routine things you need to have covered for the long term.

Like other insurance, purchasing long-term care coverage is based on several things when the policy is purchased. Annual premiums are based on factors such as:

  • Age when the policy is purchased
  • How much the policy covers per month
  • The maximum number of months that the policy will pay
  • Optional benefits selected when purchasing the policy

How Does Long-Term Care Insurance Work?

When you purchase your long-term care insurance policy, you decide how much you want to be covered per day. When you have an illness, are unable to perform two of the activities of daily living, and need care, you will contact the insurer. The activities of daily living include:

  • Dressing
  • Bathing
  • Grooming
  • Eating
  • Incontinence
  • Transfer from chair to bed
  • Toileting

Depending on the terms of your policy, you may have to pay out of pocket for care outside of your primary health insurance for a certain waiting period, which is determined by the policy you chose. Also, the insurer may contact your doctor to verify your claim for services before approving the policy for payment. Once approved, your policy will kick in, and your insurance will pay the daily limit that you noted when you purchased the policy.

What Does Long-Term Care Insurance Cover?

Long-term care insurance covers costs not covered by a policy holder's regular health insurance. For instance, you may have standard health insurance that covers everything for your treatment except for a home nurse. Suppose your nurse comes to clean your wounds, bathe, and re-bandage you daily. Your nurse spends three hours at your home and charges $30 per hour, which is $90 per day. If your long-term insurance covers $100 per day, then your long-term care insurance is enough to pay for your home nurse.

Long-term care covers adult care centers, in-home care, and short-term hospice for those facing a terminal illness. This type of coverage also includes elements of cognitive decline related to certain illnesses—like those that impact physical mobility or speech—and rehabilitation therapy.

When Should You Purchase Long-Term Care Insurance?

It's no secret that budgeting and planning for the future are hard for those living paycheck to paycheck. Ensuring you have the proper care in the event of an unexpected health crisis can make a significant difference, so it is never too early to consider getting long-term care insurance. Some insurance experts recommend that people as young as 40 begin thinking about purchasing long-term care insurance. Although you don't want to think about it, there are chances that it will be necessary. In addition, the longer you wait to purchase long-term coverage, the more expensive your premiums will be when/if you do decide to purchase it later.

Although planning for potential health difficulties can be stressful or seem unnecessary at first, the benefits of long-term care insurance undoubtedly pay off when additional care and coverage are needed. Whether you are on the younger side and are beginning a plan for the future or you’ve been interested in long-term coverage before and want to know more, Delta Benefits Group can walk you through it.

To learn more about the benefits of long-term care insurance and the different types of policies on the market, schedule a consultation with our team of specialists today or call Delta Benefits Group at (901) 460-7220.

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