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Jan 21, 2015 (0) comment

Buying Long Term Care Insurance provides protection for your finances and assets. The US Department of Health and Human Services predicts 70% of the US population will need Long Term Care. The sense of security and peace of mind is priceless. It is important to remember Health Insurance and Long Term Care Insurance are totally different policies. ‘Health’ Insurance covers doctor visits, treatment, hospitalization and prescriptions. ‘Long Term Care’ Insurance applies to people with continuous illnesses, disabilities or other conditions that need daily assistance over an extended period of time.

What is Long-Term Care Insurance?

Long Term Care Insurance pays for services that involve assistance in basic daily activities, for instance, bathing, eating, moving from a bed to a chair, going to the bathroom etc. These services are referred to as custodial care and can be performed by a family member or a paid caregiver.

Skilled care may be needed when recovering from an illness or injury. Care can be administered in different settings and long-term care insurance can cover each type of facility. Facility types include:

  • in-home care
  • nursing home
  • adult day care
  • assisted living
  • elder care communities

Here are Virginia’s Annual Care Costs, as of 2014:

  • Home Care: $41,184
  • Adult day Health Care: $15,860
  • A one bedroom Assisted Living Facility: $47,880
  • A private Nursing Home Room: $84,315

Currently, 86% of the population in the United States does not have Long Term Care Insurance. Are you prepared?

How does Long-Term Care Work?

Obviously insurance offers a sense of security and can be associated with financial planning. If you ever need long term care due to an unexpected illness, injury or aging you will be thankful that you invested in a Long-Term Care Insurance policy.

Your Long Term Care Insurance policy will become effective in the event that you need assistance with regular day activities.

Most LTCI policies kick in once you need help with at least two out of six activities of daily living. They are defined as:

  • Eating
  • Bathing
  • Getting dressed
  • Toileting (personal hygiene functions)
  • Mobility (moving from a bed to a chair without assistance)
  • Continence (being able to control bladder and bowel movements)

Long Term Care Insurance allows you to maintain your independence without troubling your friends or relatives.

There are a variety of Long Term Care Insurance policies and McLean Insurance will work with you to create a customized plan that best fits your situation. Factors we consider are your current age and health, premium costs, your net worth and your income.

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