Long Term Care
Why should someone take out a Long Term Care policy? LTC policies are not just for “old people”. What if you were in an
accident and couldn’t work for a year. LTC plans offer monthly coverage to take care of the expenses you have with a hospital, rehab center or even in-home care. They are most frequently used to cover expenses as someone gets older and has trouble performing at least two of the six ADLs (Activities of Daily Living). These include: Memory issues, Feeding, Bathing, Dressing, Toileting, and Transferring into bed, chair or wheelchair.
The price of everything is going up all the time. Policies can include cost of living increases and can have benefits up to five years. This is often referred to as inflation protection. In
other words, what costs $500 today may be $1000 in ten to twenty years. The policies can be
designed to protect against this increase.
These policies are designed for both skilled and unskilled care for the insured. A common belief is that they only pay for hospital or nursing home care. They can also offer in home care for the insured.
Disclaimer: Specific coverage and benefits are explained in the contract.
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