Carmichael Associates understands it is never too early to plan for Long-Term Care and can help you customize a plan that fits your needs and budget.
Insurance 101 – Learn more about Long-Term Care insurance.
Long-Term Care Insurance
Long-Term Care (LTC) recipients are not “sick” in the traditional sense. Instead they are unable to perform some or all of the activities of daily living such as: dressing, bathing, eating, getting in/out of bed, toileting, walking or other basic activities. Long-Term Care encompasses a wide array of services that fall under two general categories – skilled care and personal care.
- Skilled care is provided when recovering from an illness or an injury.
- Personal care aids in daily activities and functions of life.
Long-Term Care is usually not medical care and generally does not require a doctor or a nurse.
Long-Term Care services are generally not covered, or covered minimally, by health insurance, Medicare or Medicaid. The cost of LTC can quickly drain a large estate and burden those closest to you both financially and emotionally. Long-Term Care insurance can enable you to maintain control of your care and your choice of facilities, preventing welfare or the government from making LTC decisions for you. Disability Income Insurance is not designed to cover LTC expenses, but simply replaces part or all of your income during your working years should you become disabled. You need specific coverage to pay for long-term care needs.
Here are examples of what LTC policies may cover:
Institutional Care: Nursing home, assisted living services residential care facility, hospice care, adult foster home, respite care and more.
Home Care: Home health care, adult day care, personal care, homemaker services, hospice care, respite care and more.