1: What Is Long-Term Care?
Long-term care is the ongoing support and services required by those with chronic illnesses or disabilities. There are three types of long-term health care:
- Care for the Skilled: Health professionals who operate under the direction of a doctor, such as therapists, nurses, or aides, provide the majority of treatment around the clock.
- Intermediate Care: Also offered by health professionals, but more frequently than trained medical.
- Custodial Care: Family caregivers typically provide personal care, while nurses’ aides or home health care providers assist with activities of daily living like eating, dressing, and bathing.
Long-term care can offer in nursing homes. In truth, the most popular type of long-term health care is at home. Long-term care may provide in various locations, including assisted living facilities and adult day centers.
2: Doesn’t Medicare Pay for Long-Term Care?
However, medicare only partially covers long-term services like skilled nursing care and physical therapy. Although medicare gives certain benefits for home health care, it does not cover custodial care, the kind of care that older people typically require.
3: Can I Not Pay for My Care?
The main benefit of using savings, income, investments, and assets to cover long-term treatment is that you can control the location and method of receiving the care. However, since long-term care costs are very high and expensive, you might need help getting the care you require.
4: Should I Need to Purchase Long-Term Care Insurance?
A fantastic method to help protect your assets and ensure access to various care options is to purchase long-term care insurance. As with types of insurance, long-term care insurance shields you against a particular risk to your finances. In this instance, long-term care costs more than you can afford. As a part of your monthly premiums, the insurance company will cover a portion of your long-term care expenses. But, it’s expensive, so before deciding to take out a policy, you must ensure you have the funds to pay for the costs immediately and shortly.
Your age determines the cost of a lengthy health insurance policy. However, it is also contingent on the coverage you select. If you choose to purchase the long-term insurance plan, below are a few of the main elements to be considered:
- Benefit Amount: A daily benefit is an amount your insurance policy will cover for your everyday medical expenses.
- Benefit Period: Your insurance policy’s benefit period is during which benefits get paid.
- Elimination Period: The days you must cover medical expenses before the insurance company starts to pay benefits.
- Available Facilities Include: A variety of policies provide the care you need in various locations, such as your home, assisted living facilities, adult daycare centers, and nursing facilities.
- Inflation Protection: In the event of inflation, your insurance will grow by a specific percentage each year. It’s an option for purchase and can help your insurance keep up with inflation.
The insurance representative or financial advisor can assist you in evaluating long-term care insurance plans and help you with any questions. Call Ottawa Life Insurance at (613) 454-1424 or email info@ottawa-lifeinsurance.ca for further information.
Recent Comments