Long Term Care

What is Long-Term Care Insurance (LTC)?

This kind of care is different from medical care, because it generally helps you to live as you live now instead of improving or correcting medical problems. People often think of long-term care as strictly nursing home care. Longterm care services actually may include help with activities of daily living, home care, respite care, hospice care or adult day care. This care maybe given in your own home, an adult day care facility, assisted living facility, nursing home or hospice facility.

How Long-Term Care Insurance Works

When the need for care first arises, you’ll probably turn to family members or friends. However, your needs may go beyond their ability to help – whether physically or financially. That’s where a long-term care insurance policy comes in. Long-term care insurance allows you to get the care you need in the setting that’s right for you.

How You Become Eligible for Benefits

You’re eligible to receive benefits from your policy if you are chronically ill and a licensed health care practitioner submits a plan of care prescribing long-term care services. That means you must need help with at least two of the six activities of daily living (bathing, dressing, eating, transferring, toileting, and continence) for at least 90 consecutive days. You’re also eligible to receive policy benefits if your certified to need continual supervision due to a severe cognitive impairment.

Partnership Programs Explained

Many states and private insurance companies have partnered to help people plan for long-term care. The insurance companies offer long term care policies that meet criteria specified by each state that participates in the program. In turn, the states agree to provide Medicaid asset protection to people who purchase a partnership-qualified policy.

A partnership-qualified long-term care policy allows people to protect a portion of their assets in the event they need to apply for Medicaid.

The benefits of a Partnership-Qualified Policy

When you purchase a partnership-qualified long-term care policy, you’re not only taking responsibility for your long-term care needs, you’re taking control of what happens to you in the future. With a partnership-qualified policy you’re able to:

Many people mistakenly believe government programs, like Medicare and Medicaid, will provide all the long-term care services people need. But, it’s not realistic to expect the government to pay for long-term care expenses of every American. That’s why many states encourage their residents to take accountability for their own long-term care needs by purchasing a long-term care insurance policy through a state-sponsored partnership program.

Medicare

Generally, Medicare does not pay for long-term care services. Instead, it provides limited coverage to help people recover from an illness or injury

• Pays for “skilled care” in a nursing home only when medically necessary and only for a limited period of time.
• Does not cover the “custodial care” many people need at home, like help with bathing or meal preparation.

Medicaid

Medicaid provides long-term care assistance for people who have exhausted their personal resources and have no other means to pay for their care.

• Provides for both “skilled care” and “custodial care,” but generally, only in a nursing home
• Requires assets to be spent down to meet eligibility requirements

Partnership-Qualified Long-Term Care Insurance

A partnership-qualified long term care policy allows people to protect a portion of their assets in the event they need to apply for Medicaid.

• Covers both “skilled care” and “custodial care” in any setting – home, assisted living facility or nursing home
• Provides added protection should you use all the benefits of your policy and need to apply for Medicaid.

Long-Term Care Insurance

Helping you cover the cost of taking care of yourself when you no longer can!