Long-Term Care Insurance
What is Long-Term Care (LTC) Insurance?
Long-Term Care Insurance pays for the treatment of ailing individuals who need medical care over an extended period. It can help you cover the cost of in-home assistance, adult day care, assisted living services, or nursing home care.
Long-Term Care Insurance has existed for almost 40 years, since the early days of Medicare. When Medicare was first established, many insurance companies began marketing Long-Term Care Insurance as a supplement that would cover services that Medicare did not. In the beginning, Long-Term Care Insurance policies were similar to a basic Medicare supplement policy, but today, its coverage has grown to include almost any condition and can stand apart from state sponsored programs. Long-Term Care Insurance typically covers a broad range of services including care for patients in hospitals and medical facilities, long-term care facilities, assisted living facilities, and private residences. It can protect your family's financial future as well as your investments and savings. Like any other insurance policy, a Long-Term Care policy requires monthly premiums until you need to use it.
Long-Term Care Insurance helps to cover:
• Daily activities of living such as bathing, eating, and dressing
• Skilled nursing care
• Rehabilitation, either in a nursing facility or at home
• Cognitive impairment care, such as Alzheimer’s care
Who should consider Long-Term Care Insurance?
According to the U.S. Department of Health and Human Services (HHS), if you live beyond age 65, there is about a 70 percent chance that you will need a form of long-term medical care at some point in your life. Health is also an important consideration. The state of you or your loved one’s health is a determining factor in the ability to secure Long-Term Care protection. This sometimes poses a problem as people don't often consider Long-Term Care insurance until an unfortunate event has affected their health or the health of a loved one.
Long-Term Care may be required by anyone, not just seniors. Care is usually required as a result of the effects of aging, either because a person has become physically unable to carry out everyday activities or because they experience cognitive impairment, such as Alzheimer's disease. Other times, long-term care may be needed because of a chronic condition or while recuperating from an accident or serious illness.
To learn more about our Long-Term Care services, please contact your local Maxim office for more information.
Insurances accepted and services provided may vary by office location. Find a Maxim office near you to learn more.