What exactly is long term care insurance?
Long term care insurance is a type of health insurance designated to provide care for individuals living with a chronic illness or injury. Long-term care insurance provides both medical and non-medical assistance to the insured, whether or not in a care facility such as a team home or a nursing home or even living in their own home and in want of help with their daily care. It differs from other types of care that are covered by traditional insurance coverage since it pays for help with custodial care, or assistance with tasks of everyday living that many people can do for themselves.
It is a difficult task to begin thinking and talking about long term care insurance. We all don’t like to think of ourselves as no longer independent and able to care for ourselves. However , just as with car insurance, life insurance and home owner’s insurance, long term treatment insurance is an extremely important piece of safety and protection for you and your loved ones. You may never need long-term care, but when a disabling injury or sickness affects your life it often results in long term effects that prevent you from carrying out your activities of daily living such as bathing pools, dressing, and using the bathroom. This is when it is usually necessary to have ongoing help. It could be burdensome or even impossible for family users to provide this level of care on the long term basis. When this is the situation, other long term care options may be the most logical choice for your needs.
Can be Long Term Care Insurance Expensive?
Based on the level of care that is needed as well as the length of time the care is needed, long-term care can become extremely expensive. The expenses can include supplies and medications, nursing care or direct care assist, adaptive equipment, physical therapy gear, and other needs that are not included in traditional health insurance. These long term care needs may be a temporary situation, but are generally health care needs that the insured well have for the rest of their lives.
Like all kinds of insurance, it is possible you may never have a claim against your long term treatment insurance policy, but if chronic illness or even injury leaves you unable to individually care for your activities of daily living. It is expected that this year more than 9 million adults in America will require long term health care. That number is expected to rise as high as 12 million from the year 2020. As many as 70 % associated with elderly adults who need long term care will receive it at home from family or friends. Long term care insurance will cover the costs associated with this type of at home care.
Of adults over the age of 65, there is a 40% chance they are going to need to consider nursing home treatment. About 10% of the people who get into a nursing home will end up staying there for five years or longer. By having long term treatment insurance, you don’t need to worry about whether your Medicare or primary health insurance will pay for care in the nursing house. Your long-term care insurance will cover these expenses.
What About Medicare?
Numerous seniors depend upon Medicare to help spend on their health care costs. However , Medicare health insurance does not pay for most long-term treatment. Medicare will pay for medically necessary skilled nursing care whether within facilities or home care, however, you must meet eligibility requirements and most other options must be paid for by different means, such as long-term care insurance coverage.
However , not all long term care insurance plan is the same. Some will pay only for nursing home care, while others will pay for a wide range of services and cares about you such as informal home care, adult day care centers, assisted living solutions or facilities, medical equipment yet others.
When you are considering different long-term care plans, it can be very helpful to think about the different activities and functions you may need assist with. You should consider what future needs you may have, especially any that are based on conditions or situations you are already coping with. Consider activities of daily living like bathing, dressing, eating, toileting, plus moving in or out of bed, the chair or a wheelchair. Next, consider additional services you might need help with such as shopping, preparing meals, housework plus laundry, getting to appointments, handling funds and bill paying, using the phone and home maintenance and fix work. Further, consider whether you will require help with remembering to take your medicines, monitoring your diabetes, using attention drops or ear drops, obtaining oxygen or caring for a colostomy bag or a bladder catheter.
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These are all areas that a long term health insurance program can help you pay for.