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
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