Won’t Medicare and my health insurance pay for long-term care services?

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

How does my health factor into Long-term Care Insurance?

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.

A medical diagnosis related to chronic conditions such as Alzheimer’s Disease, Parkinson’s Disease or Multiple Sclerosis, may preclude you from Long-Term Care insurance. Most other conditions such as cancer, heart attack or stroke, are insurable after a period of stability, ranging from 3 month to 2+ years and depends on the severity of the condition and plan of treatment. Sharing your health information with your LTC specialists helps to determine the best product, timing for an application and insurance carrier for you to obtain coverage.

The health questionnaire will be completed in writing at the time of your application for coverage. While not all-inclusive, the following list will give you an idea as to the information you will be asked to provide.

  • Age, Height, Weight
  • Name of your primary care physician; date and reason for last visit
  • Information about current prescription or over-the-counter medications taken routinely including name, dosage and reason prescribed
  • Current and previous consultation/treatment history including, in- or out-patient hospitalization, rehabilitation, physical therapy, pending test results, request for additional testing, referral to a specialist
  • Personal history of cancer, heart attack, stroke, diabetes or arthritis
  • Disclosure of any use of tobacco products

Specific content will depend on the underwriting requirements of your preferred product and insurance provider.

 2017 Becky Wehrli LTC

For more information about Long-Term Care Insurance

Contact Becky Wehrli 503-758-5725 or info@BeckyLTC.com