Long Term Care
Long term care insurance can help pay for the cost of care for those who are no longer able to care for themselves. Long term care insurance can help pay for services not covered under Medicare. Having this type of coverage may allow policy holders to enjoy a higher quality of life than may be possible otherwise. Long term care insurance may also help to mitigate out of pocket expenses for the family.
What Is Long Term Care?
Long-term care is the assistance individuals need when they are unable to care for themselves and need help with Activities of Daily Living (ADLs) such as, bathing, dressing, transferring, toileting, continence, and eating. Other impairments, such as Alzheimer’s disease, require long-term care. Long-term care can include a broad range of services, provided in any setting outside a hospital. It might include skilled care in a home, an assisted living facility, some other community resources or a nursing facility.
Who Needs Long Term Care Insurance?
About 19 percent of Americans over the age of 65 experience some degree of physical impairment that necessitates long term care. About 55 percent of Americans over the age of 85 require some type of long term care. Individuals of any age with physical disabilities or cognitive impairment may also benefit from long term care. Long term care insurance can help to mitigate the costs of nursing homes, assisted living facilities, and home care services.
Long Term Care Insurance Limitations and Exclusions
Long term care insurance policies will not pay for services or treatment when conditions stem from attempted suicide or self inflicted injuries. Benefits will also be denied if conditions were caused by participation in a felony or illegal activity, including treatment for drug addictions. Insurance benefits may be denied if injuries or conditions are covered under federal workers’ compensation laws.
Coverage may also be declined if individuals have the following pre-existing conditions:
- Alzheimer’s Disease
- Severe arthritis with functional limitations
- Diabetes which is not under control
- Cancer within the past 6 months
- Parkinson’s Disease
- Congestive Heart Failure within the past 6 months
- Emphysema, if severe or still smoking
- Chronic Obstructive Pulmonary Disease, if severe or still smoking
Long Term Care Insurance Benefits
Long term care insurance may help to cover costs which are not covered under Medicare. Long term care insurance may cover costs associated with home care services, assisted living facilities, hospice care, respite care, and adult daycare, depending upon the policy that is selected. Premiums paid on a long term care insurance product may also be tax deductible. Murray Insurance Agency will help individuals to select the policy that best fits a family’s needs and answer any questions.
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