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 ?
Los Angeles, CA, August 01, 2019 --(PR.com)-- The importance of long-term care insurance planning and the future of a government long-term care insurance program were key topics discussed on a national televised appearance by Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI).
House members may have just started a quiet new war over federal long-term care insurance policy.
Boston: John Hancock announces that Scott Williams will join the company this month as vice president, Long-Term Care Insurance Sales and Distribution.
Section 844 of the PPA made changes to IRC Sections 72, 1035, and 7702B, and added new reporting requirements for charges or payments for qualified long-term care insurance contracts under combined arrangements.
Additionally, referencing MacDonald's second statement, "senior disability income" has existed for quite a number of years within the long-term-care insurance industry and is an excellent choice for all consumers considering long-term care insurance. This is a version of "indemnity" coverage referred to as "cash benefit or disability model" long-term-care insurance.
As you may know, Consumer Reports had an article on long-term care insurance, and I was disappointed that they suggested if one's income was less than $200,000, one shouldn't get long-term care insurance, as Medicaid will eventually cover one's long-term care expenses.
The ElderCare Task Force would like to remind CPAs that many long-term care insurance policies qualify as a deductible medical expense.
Few seniors and almost no baby boomers own long-term care insurance. Aging demographics guarantee an ominous future for long-term care.
On May 6, 1997, the IRS issued Notice 97-31, which provided interim guidance on qualified long-term care insurance contracts and qualified long-term care services.
As mentioned earlier, long-term care insurance generally is too expensive for the benefits provided--annual premiums in the thousands are not uncommon.
Los Angeles, CA, April 07, 2019 --(PR.com)-- A 60-year old male purchasing new long-term care insurance coverage can find excellent coverage for under $2,000 a year providing nearly $400,000 in benefits at age 90 according to a cost analysis just conducted by the American Association for Long-Term Care Insurance.
is telling its agents and brokers that the company is still committed to long-term care insurance.

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