Katie O’ Rourke
Managing Partner
Many people don’t start thinking about long term care insurance benefits until it’s too late. However, it is important to understand that illnesses and accidents often happen unexpectedly throughout life, and being prepared can help protect you from large out-of-pocket expenses.
What is long term care insurance?
Long-term insurance, or LTC, is a type of health insurance that will cover long-term care, not having the standard time limitations.
In contrary to what many believe, long term care insurance is not only for elderly, since many people encounter costs for medical care earlier in their life. By signing up before any issues arise, you can protect your future more affordably.
Long Term Care Insurance Benefits Everyone
Many people who become sick, and do not use a long term care insurance plan, will have to rely on family members for help, or end up with debt due to high medical bills. However, if you use long term care insurance coverage, those medical bills won’t be a problem and you will only have to worry about getting better.
What does Long Term Care Insurance cover?
The coverage depends somewhat on the policy you have, but always covers more than your average health insurance plan. LTC usually covers nursing homes, assisted living, home care, respite care, adult daycare, hospice care and even Alzheimer facilities. It can pay for a companion, live-in caregiver, therapist, housekeeper or private duty nurse.
Why consider Long Term Care Insurance benefits on top of my health INSURANCE?
Contrary to what is believed, normal health insurance does not cover the majority of your long-term medical expenses. Even though you have health insurance, you might encounter an expensive surprise when you, or a family member, needs permanent care. Making sure you and your family are taken care of is therefore the number 1 priority.
Home care services
Home care services are essential to people with long-term illnesses. They are usually provided by healthcare professionals or caregivers that can help with everyday activities such as dressing, bathing and eating.
Live-in Caregiver
In some cases, you or a family member might become ill and need the help of a live-in caregiver. This is something that also falls under the Long Term Care Insurance. If you are covered, you won’t have to worry about unpaid medical or care bills, because this type of insurance will take care of everything for you.
These services are not necessarily always for those who are fully debilitated. One of my clients has a full time live-in care giver because she suffers from vertigo and has fallen several times. She needs assistance with bathing, dressing and housekeeping because of her balance problems. However, she still drives and we go out to lunch together regularly. That’s probably not what you expect to hear about someone that needs care.
Everyone can benefit!
Unforeseen circumstances can affect people at any age, including under 65, and to varying degrees. This is a reality that many people neglect to foresee, which unfortunately causes them to be unprepared. Brain tumors, cancer, injuries, accidents, strokes, aids and even mental conditions, can leave you with hefty medical costs if they are not covered by the proper insurance. Therefore, understanding the options and benefits of long term care insurance now can help protect your health, finances and future. Having a plan, means having better choices.
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