Long Term Care Insurance from Kentucky Insurance Experts

Long Term Care Insurance Explained

Long term care insurance is something that will help protect your assets while giving you money to pay for your care in the event you lose the ability to care for yourself.

Most people think that only seniors need long term care, but the reality is that nearly half of people who are disabled are under the age of 65. Long-term care services are needed by people who have lost their ability to care for themselves because of a chronic illness or condition and not solely due to age.

When Will You Need Long Term Care?

You will need long term care when you need either:

1. Needing assistance with two out of six Activities of Daily Living (ADL) and your condition is expected to last at least 90 days. These ADLs include transferring (moving to/from a bed or chair), toileting, dressing, bathing, eating and continence.
   
   
2. Cognitive impairment which means you are not mentally responsible for yourself.

Four Long Term Care Settings

Once you need care, there are four places you can receive care. These include a skilled nursing facility, assisted living facility, home care, or adult day care. Most long-term care policies cover care in all four settings, but may not pay the full benefit in all areas. Most people can start or receive most of their care at home. Make sure you are not limiting your coverage for this type of care.

How Can You Pay for Long Term Care Expenses?

There are four ways to pay for your care when you need long term care.

1. Government. Medicare may cover skilled nursing for up to 100 days if you are admitted in-patient to the hospital for at least 3 full days prior to entering the facility. Medicaid will pay for skilled nursing care, but only if you have very limited resources.
   
   
2. Family. Often family members care for their parents or one another. This is the solution if you don't have resources to pay for assistance. This option can cause stress for caregivers and families.
   
   
3. Your Savings. If you have no other protection, then your hard-earned savings are the only protection you have. Ask yourself, "How long will my savings last? Will it provide for my spouse when they need care too?"
   
   
4. Long Term Care Insurance. You can use long term care insurance to help pay for your care. The premium is based on your age, so the younger you purchase a policy, the less expensive it will be in the long run.

Help is Here

Long term care insurance can be expensive. There are multiple factors that go into designing an appropriate LTC insurance plan. Allison Harris is a Long-Term Care Professional (LTCP) who understands how to work with you to come up with coverage that will work for you. Contact us today for a free, no obligation appointment.

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