Long-Term-Care:

Do you know how Long- term care insurance can help cover your health care costs?

Thanks to advances in medicine, retirees are living longer, more independent lives. As a result, an increasing number of those who are age 65 and older will require long-term care. Although many people assume Medicare will cover this expense, it often doesn’t. That’s why a growing number of retirees are turning to long-term care insurance to protect their futures. Coverage for nursing home care, home health care or both helps you maintain control of where you will receive care, and it protects your life’s savings from the high cost of services. Knowing that you have taken proactive steps today to plan for tomorrow helps relieve the financial burden of retirement care—for you and your family.

Types of retirement care coverage

Comprehensive long-term care insurance: Comprehensive coverage offers freedom of choice. This type of insurance covers both nursing home and home health care expenses.
Facility-only long-term care insurance: This policy covers expenses associated with nursing homes, assisted living facilities and Alzheimer’s facilities.
Home health care insurance: This type of coverage addresses costs associated with home health care only. Home health care insurance allows you to maintain independence should you need visits from a nurse or just help around the house.
Short-term care insurance: This policy is designed to provide protection for at- home and facility care for needs lasting less than one year.

What is long-term care?

Long-term care is the type of assistance people need when they can no longer perform some or all basic activities of daily living (ADLs), which can include eating, bathing, continence, dressing, toileting and transferring (that is, moving in or out of a bed, chair or wheelchair). Long-term care needs typically arise as part of the normal aging process, but they also can be due to an injury or illness, such as multiple sclerosis, stroke or rheumatoid arthritis, or due to a cognitive impairment like Alzheimer’s disease. – See more at: https://www.bankerslife.com/products/long-term-care-insurance/#sthash.SOi6236S.dpuf

Where is long-term care provided?

Long-term care does not necessarily mean a nursing home. You can receive long-term care in a variety of settings, including:

Adult day care center, where care is provided during the day for adults, usually in a public group setting.
Assisted living facility, a residential arrangement that may provide personalized care and health services. Residents may need help with activities of daily living like bathing and dressing. This type also may be called custodial care, domiciliary care, intermediate care, personal care, residential health care, sheltered care or supported care facilities.
Hospice care, provided to relieve pain and manage the symptoms associated with a terminal illness and any related conditions. Hospice care may be provided by an agency that specializes in relieving pain, managing symptoms and supporting dying persons and their families.
Nursing home, a licensed facility providing around-the-clock room and board, nursing care and personal services. Nursing homes also may offer medical care, therapy and other health-related services.
Your home, where you can receive services and supplies without having to leave. Common options are home health care, adult day care, hospice care and respite care.

Other types of long-term care include:

Custodial care (also called personal care), which helps you perform the activities of daily living with help from someone who doesn’t have professional medical training.
Skilled nursing care, daily nursing and rehabilitative care performed only by or under the supervision of skilled medical personnel.

– See more at: https://www.bankerslife.com/products/long-term-care-insurance/#sthash.SOi6236S.dpuf

How much does long-term care insurance cost?

The cost of long-term care insurance varies based on the coverage type and amount you choose. Your premium is also determined by your age/gender, the length of coverage, your current health, the elimination period (that is, the amount of time before your insurance policy begins to pay benefits) and the maximum dollar amount you can be reimbursed for covered expenses. – See more at: https://www.bankerslife.com/products/long-term-care-insurance/#sthash.SOi6236S.dpuf