What is long term care insurance? Long term care insurance helps defray the costs
of assistance with activities of daily living, such as bathing and
dressing. It also includes the kind of care you would need if
you had a
severe cognitive impairment like Alzheimer's. It covers
skilled, intermediate and custodial care in your home, an adult day
care center, an assisted living facility, a nursing home, or a hospice
facility. Some plans such as the Federal Long Term Care
Insurance Program also cover home care from informal providers such as
friends, neighbors and family members who didn't normally live with
you at the time you became eligible for benefits. Who needs it? When considering the purchase of long term care
insurance, there are several things that you should keep in mind.
You should NOT buy long term care
insurance if:
You can't afford the premiums
You have minimal assets and may qualify for Medicaid,
the Federal/State health care program for those who meet their
State's poverty guidelines
Your only source of income is a Social Security benefit or
Supplemental Security Income (SSI)
You should CONSIDER buying long term
care insurance if:
You have assets and income you want to protect
You want to avoid being financially dependent on others
You want to maintain choice on how and where to receive care
