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Long Term Care Insurance

There may come a time when your medical needs are not covered by traditional health insurance, Medicare and/or Medicaid. If you have long-term care insurance, then you’ll still be covered. This insurance covers long-term care services, which includes custodial and personal care. Care can be administered in all types of settings, such as the policyholder’s home, a community organization or at another facility.

Long-term insurance is for people unable to perform basic daily functions, such as bathing, dressing, eating, and walking. It is believed that 60 percent of people above the age of 65 will eventually need long-term care. Keep in mind that age is not necessarily a determining factor because people between the ages of 17 and 64 also receive long term care.

Long-term care insurance reimburses policyholders for specific services that help with daily living. The policy cost depends upon a number of things, including the age of the policyholder, the amount that the policy will pay, and the maximum days or years the policy will pay.

The two types of policies are tax qualified and non-tax qualified. Tax qualified policies are common, and requires the policyholder to meet specific criteria. This can include things such as being unable to perform at least two activities of daily living for a minimum of 90 days. Non-tax qualified policies require the policyholder’s doctor to state they require care for medical reasons.

Contact an insurance agent to learn more about this type of insurance.