About Long Term Care Insurance & Long Term Care
Long term care
is provided to people who need help with activities of daily
living (ADL's) such as bathing, continence, dressing, transferring,
toileting or eating or LTC is provided to people who need substantial
supervision due to a cognitive impairment.
Many people believe
that the need for Long Term Care could not happen to them however
it is estimated that more than 13 million people in the US need
Long Term Care(1.) and of that close to 40% of people
needing Long Term Care are working aged adults(2.).
With these statistics you can see why it is important to buy
Long Term Care Insurance at a young age prior to retirement.
According to the AARP it is best to purchase a Long Term Care Insurance
policy when you are middle aged, this is when you are more than
likely to be eligible for Long Term Insurance and when the premiums
are going to be lower.
How to
Qualify for Long Term Care Insurance Benefits
Most Long Term Care
Insurance policies sold today are considered Tax-Qualified, with a
this type of policy you are eligible to receive your Long Term Care Insurance
benefits when a licensed health care practitioner can verify that
you are unable to perform 2 of the 6 activities of daily living (ADL's)
for at least 90 days. These include eating, bathing, dressing, toileting,
continence, or transferring. Or you suffer from a cognitive impairment
such as Alzheimer's, Dementia, Stoke, etc.
Most older policies
required one to have a prior hospital stay for 3 days prior to being
eligible for Long Term Insurance benefits. Which makes it harder to receive
benefits. As you can see with new policies it would not be too difficult
to be eligible for your benefits.
1. "Disability Insurance
Provider Unveils Group of Long-Term Care Insurance Options." Biotech Week 01/05/05
2. Georgetown University Long-Term Care Financing Project,
"Who Needs Long-Term Care?" 2003
|
