Long Term Care Information

• No Requirement for Skilled Care in a Nursing Home before Benefits Are Paid

There are three levels of care provided in a nursing home: Skilled, Intermediate and Custodial. Since, fewer than 1/2% of the residents in a nursing home require skilled care, it is important that a long term care insurance policy pay benefits no matter what level of care the person requires. Most people in a nursing home (95%) require and receive care at the custodial level. .

• Home Health Care Which Does Not Require Confinement In A Nursing Home

If a person purchases a policy that includes coverage for home health care, the policy should stipulate that home health care benefits will be paid without having to enter a nursing home first. Many people require home health care assistance, but not nursing home care, after leaving a hospital. People often enter a nursing home only after home health care arrangements have become unsuitable.

• Waiver of Premium Benefit Under policies that include this benefit, after nursing home benefits have been paid for a defined period of time (generally 0 - 90 days), premiums that would otherwise come due are waived. For most policies the waiver applies to both nursing home and home health care

• Covers Alzheimer's Disease and Senile Dementia

The long term care policy should provide nursing home and home health care benefits for those suffering from these illnesses.


11. How do I know which coverage I should choose or which company I should select?

Evaluate the information you have received based on your particular needs. An insurance or financial professional who understands long term care can help you to properly evaluate and meet your needs by comparing several different carriers and the policies they offer. When appropriate this professional can work with you, your family and financial or legal advisors to provide you with effective protection at an affordable premium.


12. Why do people buy long term care insurance?

• Assures independence

• Helps protect your family

• Provides you with choices

• Helps protect your retirement savings, property and family assets

• Gives you peace of mind

• Favorable tax treatment

13. Planning ahead makes a difference!

Planning ahead can help keep you financially secure, providing you with more choices and more control should you require long term care. You can help assure the secure retirement you and your family have been looking forward to if you take appropriate steps now.

IMPORTANT NOTE
Once you have decided to use long term care insurance as a means of protecting your assets, preserving choices, and assuring your family's lifestyle, it is important to obtain coverage at the earliest possible time. The cost of waiting can be high. Long term care insurance premiums are based upon your age at the time you apply for coverage as well as your medical history. If you think you need this protection, you need to act now.