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 ?
Some members of Congress, and many congressional aides, may have first heard of long-term care insurance when they received information about the Federal Long Term Care Insurance Program.
Private long term care insurance now funds only about 1 percent of all long-term care expenditures.
Adults age 65 and over 53% Working-age adults 44% Children 3% Source: Federal Long Term Care Insurance Program Note: Table made from pie chart
To compare long term care insurance costs connect with a designated professional by calling the national organization at (818) 597-3227 or visiting their website at www.aaltci.org where local agents can be found.
Kaplan boldly predicts that in 30 years policies will cover virtually 100 percent of the costs of assisted living--but only if effective communication gets the long term care insurance ball rolling.
Slome indicated that annual sales of traditional long term care insurance have declined by about 60 percent compared to a decade ago.
The Civil Service Long Term Care Insurance Benefit Act (HR 602), introduced by Representative Joe Scarborough (R-Fla.), would encourage free market competition by allowing multiple carriers to offer their products to federal employees.
Most don't understand the significant advantages of offering and purchasing long term care insurance in the workplace," shares Craig Matesky, President of LTC Insurance Consultants.
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.
Los Angeles, CA, March 31, 2016 --(PR.com)-- Few consumers realize that long term care insurance premiums may be tax deductible and that special tax advantages are available for business owners advises the head of the American Association for Long-Term Care Insurance.
The national long-term care insurance expert noted that while sales of traditional long term care insurance were declining, sales of linked benefit products were experiencing robust growth.
To support insurance agents looking to gain an understanding of how to prospect and sell long term care insurance, the organization just made five videos available for the organization's membership.

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