Long Term Care Insurance – (LTC) is an insurance product which helps provide for the cost of long term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking. Age is not a determining factor in needing long-term care.
Is there a need for ongoing supervision? Is there, deteriorated mental ability (cognitive impairment)
Stand-by assistance for bathing and transferring
Stand by assistance means the insured not only requires assistance toileting and bathing but more seriously in need of another within arms length
Activities of daily living (ADL)
Is there a need for help to perform at least 2 activities throughout the day? Considerations could be but not limited to, help with; -Bathing -Feeding -Transferring & dressing -Toileting & continence
Long-term care services may be provided in a variety of settings: at home, through adult day care, in a retirement home, assisted-living setting, or long-term care facility. Services may include: nursing care rehabilitation and therapy personal care (help with activities of daily living such as dressing, eating and bathing) homemaking services (cleaning, laundry, preparing meals) having another person there to watch over you and help you when and where you need it
Your need for health care and personal care will change over time. For some it means dealing with minor health problems, for others it means an unexpected health event or accident, and for many of us it will mean chronic health problems that make day-to-day activities very difficult without help from a friend or family member.
Insurance companies can differ in the way they both define policy types and qualifications for each, CG Hylton uses 3 main ways to substantiate qualification; -Help required for bathing, -Help require for at least 2 or more activities a day, -full time supervision required due to deteriorated mental health
Cost of care can vary dramatically from very reasonable to unaffordable for most. Government subsidized care can range anywhere from $1,400 to $1,800. Without subsidy you can get a private room or one bedroom suite ranging anywhere from $1,000 to $4,500 for the room and around $1,200 to $5,400 for the suite. These are current approximations
This is far from a cut and dry question and differs among peoples wants and needs. You have to look at the lifestyle you lead prior to retirement and your expectations during. Keeping in mind throughout your financial discoveries process that you must plan for the possibility of a major health event happening to you or your spouse during what should be your twilight years