What is Long Term Care (LTC) Insurance
Long Term Care provides help for people with chronic illnesses, disabilities or other conditions on a daily basis over an extended period of time. The type of help needed can range from assistance with simple activities (such as bathing, dressing, and eating) to skilled care that’s provided by nurses, therapists or other professionals.
LTC Insurance Coverage provides nursing-home care, home-health care, personal or adult daycare.
LTC isn’t medical care. Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform two of the six 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. Policies cost less if purchased when you’re younger and in good health. If you’re older or have a serious health condition, you may not be able to get coverage — and if you do, you may have to spend considerably more.
Most long-term care is help with basic personal tasks of everyday life, sometimes called activities of daily living.
Does Medicare or Medigap cover Long Term Care:
Medicare and Medigap do not cover long-term care (also called custodialcare).
Most nursing homecare is custodialcare.
Where can I get Long Term Care Coverage:
Individual plans: Most people buy long-term care policies through an insurance agent or broker. If you go this route, make sure the person you're working with has had additional training in long-
term care insurance (many states require it) and check with your state’s insurance department to confirm that the person is licensed to sell insurance in your state.
Employer-sponsored plans: Some employers offer group long-term care policies or make individual policies available at discounted group rates.
Ask your state insurance department for a list of companies approved to sell long-term care insurance policies in your state. Find out whether there were complaints about any of the companies that sold them.
Check the stability of the company and be sure it has a long history with this type of insurance.
You can check this information at websites for companies including Moody’s Investors Service, Standard and Poor’s and A.M. Best.
Compare information and costs from at least three major insurance companies. Find out how often and by how much the companies have increased their premiums.
Get a written copy of any policy you’re considering. Review it carefully, perhaps with the assistance of your attorney or financial adviser. Write out your questions, and have a representative of the insurance company respond to your questions in writing.
Never let anyone pressure or scare you into making a quick decision.
Below are some of the carriers that SafeHarbor has worked with.
- Genworth Financial
- John Hancock
- MET Life
Call our Benefit Coordinator at 718-979-6900 and let us know how we can assist you.