What is Long Term Care Insurance?

Answer:

Long term care insurance provides coverage for

the care you may need if you cannot perform the activities of daily living. People in this situation need help and it’s often too much for family members to do. Spending time in a nursing home and getting home health care for an extended period of time are expensive propositions.

Typically… consumers should begin to consider long term care coverage when they’re in their 50’s. This way, the premiums paid into the plan are minimized and the potential benefits maximized.

Long term care coverage kicks in for an insured person when it is certified that they cannot perform at least 2 activities of daily living without continuous assistance. The activities of daily living are:

Walking or using a walker or wheel chair;
Bathing;
Continence;
Transferrence—getting in and out of a chair or a bed;
Dressing;
Eating;
Toileting

In other words, as you grow older, the likelihood that you’ll eventually need help with the 6 activities of daily living increases as your health declines. Long term care insurance coverage will guarantee that you’ll receive a flow of funds to pay for your care and it protects your assets from being completely depleted in the process.


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