How Long-term care insurance can save our life at old age?

Long-term care insurance involves the benefits for the long term to cover expenses of care and health. For instance, adult day care, hospice, and nursing home stays, and help with activities of daily living eg dressing, and eating.


Long-term care insurance
 Long-term care insurance

According to Forbes,

LTC insurance benefits can only be used when you experience a benefit trigger. LTC insurance policies have unique benefit triggers, including:

  • Needing assistance with at least two ADLs for 90 days (personal hygiene or grooming, dressing toileting, eating, and transferring, which means the ability to move from a bed to a chair or wheelchair)
  • Experiencing cognitive impairment
  • Recommendation from a medical doctor

Before your LTC benefits begin, you might have a waiting period, also called an elimination period. The waiting period might be 20 to 100 days before the policy starts paying for long-term care. Once the waiting period ends, your insurance company covers the costs.

The length of time LTC benefits are in effect varies by policy. Some long-term care insurance policies cover only qualifying expenses for a few years or until you reach a maximum benefit limit. Other policies provide coverage for your lifetime.


Methods of Long-term care  insurance

Expenses incurred method

Indemnity/compensation  method

Disability method

Scope of LTC

Long-term care insurance COMPANSATES many expenses commonly associated with long-term care, whether you need help at home or in a facility. Here are some services that LTC insurance basically pays for:

  • Nursing care at home
  • Hospice duties
  • Health aides at home
  • Short-term relief to the caregiver
  • Adult centers (daycare)
  • Physical therapy
  • Occupational therapy
  • Speech therapy


Myths about LTC

1.      Mental disorder rehabilitation is  covered in LTC

2.     Alchohol and drugs addicts are treated in LTC

3.     War injuries are covered

4.     Suicidal attempts are covered

5.     Suicidal injuries

6. Long-term care treatment outside the USA


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