What is long term care insurance?
Long term treatment insurance is a type of health insurance specified to provide care for individuals living with the chronic illness or injury. Long-term care insurance provides both medical and non-medical assistance to the insured, whether or not in a care facility such as a team home or a nursing home or even living in their own home and in want of help with their daily care. It differs from other types of care that are covered by traditional insurance coverage since it pays for help with custodial care, or assistance with tasks of everyday living that most people can do for themselves.
It is often a difficult task to begin thinking plus talking about long term care insurance. We don’t like to think of ourselves as no longer independent and able to care for ourselves. However , just as with car insurance, life insurance and home owner’s insurance, long term treatment insurance is an extremely important piece of security and protection for you and your household. You may never need long-term care, nevertheless a disabling injury or disease affects your life it often results in long-term effects that prevent you from carrying out your activities of daily living such as bathing, dressing, and using the bathroom. This is when it is sometimes necessary to have ongoing help. It can be burdensome or even impossible for family associates to provide this level of care on the long term basis. When this is the situation, other long term care options could be the most logical choice for your needs.
Will be Long Term Care Insurance Expensive?
With respect to the level of care that is needed and the length of time the care is needed, long-term care can become extremely expensive. The expenses can include supplies and medications, medical care or direct care help, adaptive equipment, physical therapy products, and other needs that are not included in traditional health insurance. These long term treatment needs may be a temporary situation, yet are generally health care needs that the covered by insurance well have for the rest of their lives.
Like all types of insurance, it is possible you may never have a claim against your long term care insurance policy, but if chronic illness or even injury leaves you unable to independently care for your activities of daily living. It is expected that this year more than 9 million adults in America will need long term health care. That number is anticipated to rise as high as 12 million by year 2020. As many as 70 % of elderly adults who need long term care will receive it at home through family or friends. Long term treatment insurance will cover the costs associated with this type of at home care.
Of adults over the age of 65, there is a 40% chance they are going to need to consider nursing home care. About 10% of the people who get into a nursing home will wind up staying there for five many years or longer. By having long term care insurance, you don’t need to worry about whether your Medicare or primary health insurance will probably pay for care in the nursing home. Your long-term care insurance will cover these expenses.
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What About Medicare?
Numerous seniors depend upon Medicare to help purchase their health care costs. However , Treatment does not pay for most long-term treatment. Medicare will pay for medically required skilled nursing care whether in facilities or home care, however, you must meet eligibility requirements and most other options must be paid for by various means, such as long-term care insurance coverage.
However , not all long term care insurance coverage is the same. Some will pay only for nursing home care, while others will probably pay for a wide range of services and cares about you such as informal home care, adult day care centers, assisted living providers or facilities, medical equipment yet others.
When you are considering different long-term care plans, it can be very helpful to think about the different activities and functions you may need help with. You should consider what future needs you may have, especially any that are based on situations or situations you are already dealing with. Consider activities of daily living like bathing, dressing, eating, toileting, and moving in or out of bed, the chair or a wheelchair. Next, think about additional services you might need help with like shopping, preparing meals, housework and laundry, getting to appointments, handling finances and bill paying, using the phone and home maintenance and repair work. Further, consider whether you will require help with remembering to take your medications, monitoring your diabetes, using vision drops or ear drops, getting oxygen or caring for a colostomy bag or a bladder catheter. They are all areas that a long term health insurance program can help you pay for.