What is Long Term Care?
Long Term Care services fall under skilled care or personal care and are the types of services that regular health insurance, Medicare or Disability generally do not cover. Like other supplemental insurance, a Long Term Care Plan can be purchased anytime of year, and augments your health insurance or Medicare and pays for services that are associated with performing tasks required for daily living. These services include assistance with dressing, bathing, eating, getting in/out of bed, toileting, walking or other basic activities.
Why LTC Insurance?
The need for LTC is not always age related, even though statistics tell us that more than half of all individuals age 65 & over will need LTC at some point. Even so, it is important to note that roughly 40% of those receiving LTC today are between the ages of 18 and 64.
The cost of LTC can quickly add up and burden those closest to you, both financially and emotionally. Purchasing a LTC plan can help you avoid those difficult situations, as well as give you the power you need to maintain control of your care, choosing the facilities that best suit your needs.
Here are examples of what LTC policies may cover:
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Have you heard of final expense insurance?
This type of life insurance is very affordable because it is intended to only cover costs related to a person’s final expenses.