Long-term care insurance

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Long-Term Care Insurance

Insurance that is purchased against the possibility that the beneficiary will require long-term medical care for a debilitating but non-life threatening condition. For example, one may require long-term care if one is involved in a car accident or has a non-terminal disease that does not allow the sufferer to live independently. Long-term care insurance is designed to pay for at least some of the medical expenses associated with this. These policies provide a per diem or monthly allowance for expenses, as well as an elimination period, a period of time after the illness is diagnosed or the accident occurs, but before the insurer begins coverage. Policies with a higher per diem and shorter elimination period come with higher premiums.

Long-term care insurance.

Long-term care insurance is a policy designed to cover at least some of your expenses if you have a chronic but not life-threatening illness, long-term disability, or you are unable to live independently because you can't perform a number of the activities of daily living.

Those activities typically include bathing, dressing, feeding yourself, taking medication, using the bathroom, and being able to move from a sitting to a standing position. Most contracts also cover cognitive impairments, such as Alzheimer's disease.

Under the terms of most long-term care contracts, you can be cared for in a nursing home or at home. The insurance pays for custodial rather than skilled care, which must be provided by licensed professionals. Skilled care is covered in part by Medicare and Medigap.

Every policy provides a specific daily or monthly benefit for up to a predetermined benefit period. Each policy also has an elimination period, which lasts from the day you become eligible until the day the insurer begins to pay. You generally can choose the benefit, benefit period, and elimination period that makes the most sense to you and that you can afford.

References in periodicals archive ?
To obtain long term care insurance costs from a professional with expertise specifically in long term care insurance products offered by multiple leading companies call the national organization at (818) 597-3227 or visit the Association's website at www.
Office for Personnel Management, the benefits agency for federal civilian employees, said at the hearing that 97 percent of the Federal Long Term Care Insurance Program enrollees who made a decision about their coverage chose to keep at least some of their long-term care insurance in place.
Private long term care insurance now funds only about 1 percent of all long-term care expenditures.
The national long term care insurance expert also reported an increase in the number of consumers contacting the organization seeking information or pricing for long term care insurance.
Senate Special Committee on Aging estimates that there are approximately 10 million people who need long term care today, a January Wall Street Journal/Harris poll found that only 9 percent of those surveyed have purchased long term care insurance.
The Association announced availability of i's 2016 Guide To Tax Qualified Long Term Care Insurance Protection.
Higgins, director of the Nashville-based company's long term care insurance division, is one of many in the industry doing her share of talking.
The two-part series consists of almost three hours of videotaped talks by leading long term care insurance sales pros.
The OPM would design a long term care insurance package, manage its acquisition, negotiate premiums, and adjudicate disputed claims.
com)-- Individuals who purchase long term care insurance are often under age 60, the vast majority are married and college educated advises the head of the American Association for Long-Term Care Insurance.
The piece that would encourage federal retirees to get long term care insurance looks like it's going to happen, too," says Scott Parkin, a spokesperson for the American Association of Homes and Services for the Aging.

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