Long-Term Care (LTC) Insurance
Long-Term Care Insurance policies vary, but in general, they provide a daily, set amount of coverage that can be used in a number of ways. Should you come to need daily assistance, long-term care insurance can help cover the expenses of nursing homes, assisted living facilities, adult family homes or even home health care. You may find this financial assistance offers you the freedom to remain independent and increases your options for care.
When a person is unable to perform two out of five activities of daily living (ADLs), assistance is typically considered necessary. ADLs involve eating, dressing, toileting, moving about the house, and bathing. With increased longevity, more and more seniors may find that they need long-term care. But who will pay for the services they will require? Many people incorrectly assume that Medicare and Medicaid cover long-term care. In truth, Medicare will generally only offer temporary assistance, and Medicaid, which varies by state, may require that you pay out of pocket and exhaust your assets in order to meet low income qualifications
With long-term care insurance, you can minimize the financial risk of extended care and relieve the burden of uncertainty from family members.
If you have questions about existing policies or would like to find out more information about Long-Term Care Insurance for you are a loved one, please contact Guardian Life Insurance
*This information comes from an article from by Guardian Life Insurance.
