Long-Term Care Insurance provides funds to help you cover long-term care costs in the same manner Health Insurance provides financial coverage for doctor’s visits and hospital bills. However, it is very important to understand that Long-Term Care Insurance and Health Insurance are two distinctly different types of insurance. Health Insurance would likely provide coverage for doctor visits, hospitalization, and maybe even some prescription medicines. But if the individual’s condition progresses to the point where he or she requires long-term care or constant supervision and assistance with daily activities, Health Insurance would likely not provide coverage for that care.
Health insurance was not designed to cover the long-term care expenses for those who may have suffered permanent paralysis from an accident or stroke, developed Alzheimer’s, or perhaps need care as a natural result of aging.
This is where Long-Term Care Insurance comes in. Long-Term Care Insurance has been designed to pick up and provide coverage where Health Insurance leaves off. So in the case where the individual’s condition has progressed to the point where he or she requires assistance carrying out basic activities of daily living (like bathing, eating, toileting, dressing and moving about), Long-Term Care Insurance would provide funds to help cover the insured’s long-term care expenses, in support of any care the family is able to provide.
Those who have purchased Long-Term Care Insurance share that it has also helped them maintain their independence and freedom of choice over how and where their care services are provided. Long-Term Care Insurance can allow you to protect your assets and help ensure that your long-term care needs will not create a physical, financial or emotional burden on your family.
Becky Wehrli
Long-term Care Insurance Specialist
503-758-5725
info@BeckyLTC.com
www.BeckyLTC.com
Long-Term Care insurance is based on an individual’s physical and cognitive health at time of application. Each insurance company has different “health standards” which affect eligibility, timing and the price of your insurance policy. A health questionnaire helps a long-term care specialist learn about your unique health history, enabling her to make appropriate policy recommendations. All health information is kept strictly confidential.
We are all living longer, and the harsh reality is, if we need care, it’s going to be expensive…and we are not covered. Costs are soaring, statistically we are living longer and most of us are going to need care at some point in our lives. Medicare and your health insurance do not cover long-term care services. You will be faced with self-insuring to pay costs and liquidating or selling assets, all while ensuring you leave enough assets and income for future care of a surviving spouse. It can be a daunting challenge.