Long Term Care Insurance Flashcards, test questions and answers
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What is Long Term Care Insurance?
Long Term Care Insurance is an insurance policy designed to provide financial support for individuals who require ongoing assistance with activities of daily living (ADLs). This may include assistance with activities such as dressing, bathing, and eating. Long Term Care Insurance benefits may be used to cover in-home care services or the costs associated with nursing home care or assisted living facilities. Long Term Care Insurance is different from health insurance, which typically only covers medical expenses. Long Term Care Insurance pays for services related to day-to-day living needs that are not covered by health insurance. These services often include help from a home health aide or nurse, physical therapy, and help with bathing, dressing and other tasks of daily living as needed. The cost of Long Term Care Insurance varies depending on age and lifestyle factors such as current health conditions, family history of chronic illnesses, gender, and smoking status. The older a person is when they purchase the policy the more expensive it will be due to increased risk of needing long term care services in the future. One factor that should be considered when deciding whether or not to purchase Long Term Care Insurance is how long you expect to need care if it becomes necessary. If you think you will need short-term care only then a long term policy may not be cost effective given its high premiums; however if you anticipate needing longterm care then your out-of pocket expenses could be significantly reduced by having a policy in place at the onset. In conclusion, purchasing a Long Term Care Insurance policy can help prepare individuals for any eventuality surrounding their future needs for ongoing assistance with ADLs; however careful consideration must go into deciding whether this type of coverage makes sense financially given one’s situation and expected length of potential need for these services if required down the line.