Sadly, most individuals equate long term care with dying, when in actuality it is the exact opposite, it is about living.
Services rendered in the long-term care field are intended to make life easier. Unfortunately, because many Americans do not plan for a scenario where long-term care is required, their financial assets and livelihoods are put at risk.
What Is Long-Term Care?
It is care that typically lasts more than ninety days. It is practical care, not medical care. Daily activities such as bathing, errands, paying bills, cooking, cleaning the house, and many other activities most take for granted are all part of long-term care. Because tragedy can strike at any age, long-term care is for everyone, not just the elderly. Long-term care may be a daily in-home visit, round the clock, or once a week, it simply depends on the client’s needs.
Who Pays?
An enlightening moment for far too many people (and too late) is the discovery that Arizona health insurance policies only cover a limited and specific number of services after a serious illness or injury, and only for up to one-hundred days typically. Same goes for Medicare supplement policies, 100 days is usually the limit. Disability insurance covers a portion of an individual’s income but does not cover any costs associated with long-term care.
The government does not pay for practical services such as those mentioned above. Medicaid does pay for some long-term care services, but qualifying is tough (income and savings below poverty line.)
LTCI
Long-Term Care Insurance (LTCI) is a complex product that requires someone skilled and knowledgeable to guide you through the many offerings. It is often mentioned that any LTCI coverage is better than no LTCI coverage and nothing could be further from the truth. The wrong policy will waste money and offer a false sense of protection and can actually put an individual’s life savings at risk. The right LTCI policy will take into consideration a person’s age, family obligations, health history, how much they have saved, plans for the future, their expectations, and so much more.