Long term care insurance (LTC) is designed to pay for some or all of the costs associated with a chronic medical condition, or one that is not likely to improve over time. Coverage will typically begin after there is an inability to perform certain activities of daily living or after a cognitive disorder has been developed. Health insurance does not cover long term care needs, Medicare can pay under certain conditions but only for a very limited amount of time, and Medicaid is only for the impoverished. These reasons intensify the need to evaluate ones need for long term care insurance. The savings and retirement fund that has built up over decades can be depleted in a short amount of time without a proper plan in place. Aside from providing the funds to offset the care provided, long term care insurance limits the obligation of family members to be caregivers. Policies will now allow for care to be provided in one of several facilities, including the insured’s own home, adult day care, nursing home, and hospice.
Today’s market offers coverage is several ways, a few of which are listed below:
All guarantees and benefits of the insurance policy are backed by the claims-paying ability of the issuing insurance company. Policy guarantees and benefits are not backed by the broker/dealer and/or insurance agency selling the policy, nor by any of their affiliates, and none of them makes any representations or guarantees regarding the claims-paying ability of the issuing insurance company.