Personal / Long-Term Care

Long-Term Care

Long-term care insurance helps pay for the cost of long-term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform two of the six activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Age is not a determining factor in needing long-term care. About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs, long-term care insurance may not be available. Early onset (before age 65) Alzheimer’s and Parkinson’s disease are rare but do occur.
Long Term Care is an issue because people are living longer. As people age, many times they need help with everyday activities of daily living or require supervision due to memory problems. These issues impact women more since women live longer than men and many times, by default, they become caregivers to others.

Types of Policies

Traditional

Traditional policies are the most common policies offered. Traditional policy premiums, like automobile insurance premiums, are paid on a continual basis. If unused, no premiums are returned.

Combination

Combination or Hybrid policies are gaining in popularity. The most common Combination or Hybrid policies are a combination of life and long-term care insurance. If unused, premiums are returned in the form of a tax-free life insurance death benefit.

Want more information? What options are best for you? Contact us to find out which policy may best fit your needs.