Unlike traditional health insurance or Medicare, Long \u2013 term care insurance is designed to cover long \u2013term services and support, including personal and custodial care in a variety of setting (home, community organization, or facility).<\/p>\n
Long term care insurance (LTC insurance) policies reimburse policyholders a daily amount (pre-selected limit) for services to assist them with Activities of daily living (ADL) such as bathing, dressing, or eating.<\/p>\n
The cost of LTC insurance is based on:<\/strong><\/p>\n When do you buy?<\/strong>\u00a0 The best age to apply is in your mid-50s. You can lock in your good health today.\u00a0If you are in poor health, over 70, or already receiving Long term care services you may not qualify for LTC insurance as most policies require medical underwriting.<\/p>\n Who needs LTC insurance?<\/strong>\u00a0 \u201cFor anyone 65 and older, the odds are not in your favor. Statictics show 70% of those who reach 65 will need Long-term care. With long-term care costing as much as $250 a day, it doesn\u2019t take long to completely deplete a lifetime of saving—even if you\u2019re \u201clucky\u201d enough to only need it for a relatively short period of time.\u201d Mark Meiners.<\/p>\n When do you use LTC insurance?<\/strong><\/p>\n The first concept to understand is the term ADL, or Activities of daily living.\u00a0 ADL is short hand for routine daily tasks like, bathing, dressing ,eating, preparing meals.<\/p>\n The IRS requires tax qualified LTC insurance policies to use the following:<\/p>\n Absent a cognitive impairment, such as dementia or Alzheimer’s, the I.R.S. requires policies initiate benefits if the insured is unable to perform any two of these ADL\u2019s without assistance.<\/p>\n How do you submit a claim?<\/strong><\/p>\n Call as soon as you suspect a disability, before you come home from the hospital or rehab. Call the insurance company.\u00a0 Most policies have some restrictions on when they start, generally a nurse or physican does an evalutation, determines two ADL restrictions and a waiting period of 30 to 120 days kicks in before benefits are paid.\u00a0 Most policies require a caregiver from a licensed home care agency. In Illinois that is a licensed Home Servies Agency.<\/p>\n Richard E. Ueberfluss<\/p>\n http:\/\/assistinghands.com\/hinsdale<\/p>\n","protected":false},"excerpt":{"rendered":" Unlike traditional health insurance or Medicare, Long \u2013 term care insurance is designed to cover long \u2013term services and support, including personal and custodial care in a variety of setting (home, community organization, or facility). Long term care insurance (LTC insurance) policies reimburse policyholders a daily amount (pre-selected limit) for…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[27,7,8,13,56],"class_list":["post-592","post","type-post","status-publish","format-standard","hentry","category-blog","tag-caregivers","tag-home-aides","tag-home-care","tag-long-term-care","tag-medicare"],"acf":[],"yoast_head":"\n\n
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