We understand that dealing with a serious illness can be overwhelming, and the last thing you need to worry about is how to cover the costs of treatment. That’s where long-term care insurance comes in. Let’s explore what it entails, covers, and how you can secure this invaluable insurance.
Long-term care insurance, also known as LTC, provides services and support to individuals who cannot perform two or more activities of daily living independently. These activities include feeding oneself, bathing, dressing, grooming, working, homemaking, toilet hygiene, mobility, and transferring. Purchasing long-term care insurance is a proactive way to prepare for the future and ensure you’re covered if long-term care becomes necessary. It encompasses care in hospitals, nursing homes, adult daycare centers, hospices, and at home.
When you buy a long-term care insurance policy, you choose the daily coverage amount you desire. If you become ill and cannot perform the activities of daily living, you would contact your insurer. Depending on the terms of your policy, there may be a waiting period during which you may need to cover the cost of care out of pocket. The insurer may also verify your claim with your doctor before approving the policy for payment. Once approved, your policy will take effect, and your insurance will pay the daily limit you selected when you purchased the policy.
Long-term care insurance covers expenses not typically covered by your regular health insurance. For example, it may cover services such as a home nurse who provides wound care, bathing, and re-bandaging. If your nurse charges $30 per hour and spends three hours with you each day, totaling $90, and your long-term care insurance covers $100 per day, then your insurance will be sufficient to pay for your home nurse. Additionally, long-term care insurance includes coverage for adult care centers, in-home care, short-term hospice care for individuals with terminal illnesses, and certain aspects of cognitive decline and rehabilitation therapy.
Planning for the future and managing your budget can be challenging, especially when living paycheck to paycheck. However, ensuring you have proper care in the event of an unexpected health crisis can make a significant difference. It’s never too early to consider long-term care insurance, and some experts recommend starting as early as 40 years old. While it’s not always pleasant to think about, the possibility of needing long-term care exists. Furthermore, the longer you wait to purchase coverage, the more expensive your premiums will be. Planning ahead provides peace of mind and financial security when additional care and coverage are required.
At Delta Benefits Group, we specialize in helping individuals like you navigate the world of long-term care insurance. Whether you’re just starting to plan for the future or have been considering long-term coverage for some time, our team of specialists is here to guide you. Schedule a consultation today to learn more about the benefits of long-term care insurance!