What is long term care insurance?
Long term care insurance is a type of health insurance specified to provide care for individuals living with the chronic illness or injury. Long-term care insurance provides both as well as non-medical assistance to the insured, whether or not in a care facility such as a group home or a nursing home or even living in their own home and in need of help with their daily treatment. It differs from other types of treatment 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 sometimes a difficult task to begin thinking and talking about long term care insurance. We 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 plus home owner’s insurance, long term treatment insurance is an extremely important piece of security and protection for you and your household. You may never need long-term care, but when a disabling injury or illness affects your life it often results in long term effects that prevent you from carrying out your own activities of daily living such as showering, dressing, and using the bathroom. This is when it is sometimes necessary to have ongoing help. It can be burdensome or even impossible for family people 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.
Is Long Term Care Insurance Expensive?
According to 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, medical care or direct care assist, adaptive equipment, physical therapy devices, 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 types of insurance, it is possible you may never have the claim against your long term care insurance policy, but if chronic illness or injury leaves you unable to individually care for your activities of everyday living. It is expected that this year more than 9 million adults in America will need long term health care. That number is likely to rise as high as 12 million by year 2020. As many as 70 % of 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 older than 65, there is a 40% chance they are going to need to consider nursing home treatment.
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About 10% of the people who get into a nursing home will end up staying there for five yrs or longer. By having long term care insurance, you don’t need to worry about whether your Medicare or primary health insurance can pay for care in the nursing home. Your long-term care insurance covers these expenses.
What About Medicare?
Many 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 required skilled nursing care whether within facilities or home care, however, you must meet eligibility requirements and many other options must be paid for by various means, such as long-term care insurance plan.
However , not all long term care insurance coverage 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, grownup day care centers, assisted living providers or facilities, medical equipment yet others.
When you are considering different long-term treatment plans, it can be very helpful to think about the various activities and functions you may need help with. You should consider what future needs you might have, especially any that are based on situations or situations you are already dealing with. Consider activities of daily living for example 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 and laundry, getting to appointments, handling funds and bill paying, using the phone and home maintenance and repair work. Further, consider whether you will need help with remembering to take your medications, monitoring your diabetes, using eyesight drops or ear drops, obtaining oxygen or caring for a colostomy bag or a bladder catheter. They are all areas that a long term health insurance plan can help you pay for.