Long Term Care Insurance (LTCi)
LTCi Information |
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What Is LTCi?
Long Term Care Insurance (LTCi) is a type of health insurance that pays for qualifying Long Term Care Expenses. Long Term Care itself is generally categorized into six* Activities of Daily Living or ADLs:
| Activities of Daily Living - ADLs | |
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| * Sometimes a 7th ADL is added, defined as 'Cognitive Impairment or Dementia' | |
If you or a loved one needs help in performing multiple ADL's, LTCi can pay part or all of the cost for bringing help into your home (eating, bathing, etc.), and can help pay for the progression of needs from home to assisted living to residential care, all the way up to a nursing home, if necessary.
Why Use LTCi?
Why would you purchase insurance to help cover the cost of Long Term Care? Medicare does not pay for the cost of custodial or palliative Long Term Care, and professional help is expensive. In 2007, basic home care services cost about $18/hour, advanced home care about $39/hour, and nursing homes cost about $70,000 per year. LTCi helps cover these expenses, to help preserve your cash and assets.
Facing The Future
Americans are living longer, and we generally don't die suddenly from heart attacks or cancer. We are much more likely to have a gradual decline in health over the course of many years. What begins as a need for assistance with basic needs at home like bathing, can progress through a range of needs to full time care in a nursing home. Those needs can last for years. LTCi helps equip families to meet the future with preparedness and assurance.
Solutions For Tomorrow
LTCi has solutions for the complex questions that arise within families. Some of the questions that may need to be addressed when Long Term Care needs arise include...
LTCi Questions To Consider
Could your spouse or child provide part or full time help when needs arise? Should it be their responsibility?
Would your loved one have to choose between their career and caring for you? Do you know anyone who has been forced to make this decision?
Would this care drain their own resources and push that caregiver into financial or emotional instability?
What about friction with siblings who either don't want to help or are unavailable to help? Blended family dynamics?
Is it worth your time, money, and effort to resolve these issues?
Reviewing Options
Things have really changed in the last few years when it comes to Long Term Care and the various types of insurance that help pay for it. You owe it to yourself to take a fresh look.
Some Life Insurance contracts can be amended to pay for Long Term Care. We can check yours. Ask us about hybrid Life/LTCi policies, LTC Annuities, and Qualified Partnership Policies. Tomlin Benefit Planning has mastered the ever-changing sea of options and is here to help you find the best policy at the best rate.
Contact Us Today to Get Started