Long-Term Care Insurance

Because of old age, mental or physical illness, or injury, some people find themselves in need of help with eating, bathing, dressing, toileting or continence, and/or transferring (e.g., getting out of a chair or out of bed). These six actions are called Activities of Daily Living–sometimes referred to as ADLs. In general, if you can’t do two or more of these activities, or if you have a cognitive impairment, you are said to need “long-term care.” When we think of these factors or "triggers" it is often that we associate this with getting older. In fact, these things can happen at any age do to various health conditions, accidents and age. 

Long-term care isn’t a very helpful name for this type of situation because, for one thing, it might not last for a long time. Some people who need ADL services might need them only for a few months or less.

Many people think that long-term care is provided exclusively in a nursing home. It can be, but it can also be provided in an adult day care center, an assisted living facility, or at home.

Assistance with ADLs, called “custodial care,” may be provided in the same place as (and therefore is sometimes confused with) “skilled care.” Skilled care means medical, nursing, or rehabilitative services, including help taking medicine, undergoing testing (e.g. blood pressure), or other similar services. This distinction is important because generally Medicare and most private health insurance pays only for skilled care–not custodial care.

Types of policies

• Traditional long term care policies can be tailored to fit almost any budget. Partnership plans are very similar and can give protection of assets when having to spend down to qualify for Medicaid. They offer inflation protection of future health care costs, there is a variety of payment options to fit your needs as well. These policies can be subject to increased premiums. 

• Hybrid policies offer a death benefit, LTC benefit or surrender value as it's tied to a life insurance or annuity product. If you don't use it, you or your beneficiaries will receive the value of what's in policy less any claims paid, so no use it or lose it situation. The premiums are guaranteed for the life of the policy and will not increase. 

There are several options in the types of coverage for your specific needs. Your are never too young to start planning, because the longer you wait the more it will cost and our health conditions as we age you may not let as qualify for coverage. To find more information and helpful resources please visit the Customer Resources page and go to Links.

Contact us so we can help you get a plan in place.

Long Term Care Insurance Quote