LONG TERM CARE INSURANCE Quincy IL Citizens Can Rely On
Long-term care insurance is a type of care insurance to cover long-term care services, like stays in skilled nursing facilities or services provided through home health agencies, reports the U.S. Department of Health and Human Services. Unfortunately, many forgo long-term care insurance due to misconceptions about their existing insurance plans. For example, Medicare or other health insurance plans
may not be enough to cover long-term care. As a result, it is important to understand the basics of long term care insurance.
Factors Impacting Long Term Care Insurance
There are several factors affecting long-term care insurance, explains AARP
. These factors can include information about existing health insurance coverage in Quincy and financial information.
Since long-term care insurance is used primarily by the elderly, savings and retirement benefits may come into question. Will you be able to pay the premiums on your existing budget, and if so, are you at an increased risk for major illness, like stroke or heart attack? Although these concerns reflect health status, they also impact your ability to get long-term care coverage.
For example, people with a history of major medical illnesses that are likely to resurface or cause complications later in life, such as COPD or coronary artery disease, may face higher premiums or limitations when considering purchasing long-term care insurance. As a result, it is important to disclose all relevant, accurate health information when looking for a policy.
Types of Long-Term Care Insurance Available
Long-term care can be divided into two categories: skilled care and personal care. But, how are they different?
Skilled care refers to the ongoing medical care needed for a health condition, like physical rehabilitation or long-term acute care following a stroke or heart attack.
Meanwhile, personal care, otherwise known as custodial care, explains the Texas Department of Insurance, can help you with daily activities, such as bathing, cooking, cleaning and more.
Both types of long-term care insurance may be used in your home or in an inpatient facility, like a nursing home, depending on the stipulations in your policy.
Who Needs Long-Term Care Insurance?
Long-term care insurance is not exclusively for the elderly. A person does not need to reach retirement age to purchase a policy, depending on the underwriter. However, seniors and individuals with limited financial resources may consider purchasing a policy early in life to safeguard against possible problems later in life, including dementia or serious health illnesses.
Today, only 8 million Americans, out of more than 313 million total, have long-term care insurance. But, more than 11 million will face a problem that requires long-term care this year, reports NPR.org
. As a result, the time to purchase a policy is now, before a major health event occurs.
How Does a Person Collect Their Benefits?
Depending on the policy, hospitalization or admission to a long-term care facility may not be necessary to collect benefits. However, most policies do have waiting periods that work similar to deductibles before benefits kick in. In other words, policyholders should know their existing waiting period requirements and save enough money to cover immediate costs during the period.
To find out more about available long-term care insurance in your area, contact Winters Insurance Group online