Taking The Mystery Out Of Long-Term Care Insurance

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Here's the great news: with improvements in medical technology and healthier lifestyles, consumers are living longer. Life expectancy today has risen to 83 years, up from 78 years in 1940 (The Shopper's Guide to Long-term Care Insurance through the National Association of Insurance Commissioners).

However, the longer people live, greater the chances they will be needing assistance on account of chronic medical ailments. Today, about 12.8 million Americans of any age require some type of long-term care (National Academy on Aging, 1997). This number is predicted to climb as being the baby boomer generation moves into retirement. Over a lifetime, nearly 50 percent of the people will require a long-term care assistance.

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One approach to pay for some or all of your current long-term care expenses is insurance. First introduced inside the 1980s, long-term care insurance was originally designed as nursing 
home insurance. Today's long-term care policies now cover much more. They include home healthcare, assisted living facility care, adult daycare, Alzheimer's facility care, respite care and hospice care.

So how exactly does long-term care insurance work? Long-term care insurance isn't health insurance, and long-term care expenses are not covered under private health care insurance, Medicare or Medicare supplement policies.

However, long-term care insurance coverage is similar to health insurance as an individual must make application for coverage by going through medical underwriting. The insurance company 
decides getting in touch with offer long-term care coverage dependant on your current health issues and age. In most instances, a person's medical records is going to be reviewed with the insurance 
company. Additionally, some applicants are usually necessary to have a face-to-face or even a telephone interview. Not everyone is insurable. People who currently have health problems are 
likely to require long-term care but won't be able to invest in a long-term care insurance cover. Your money may buy long-term care insurance plan, however it's your health that buys it.

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Once a long-term care policy is distributed, the insured individual becomes permitted to receive benefits each healthcare professional certifies the insured is "chronically ill" -- struggling to perform a pair of the Activities of Daily Living (ADLs) to get a period of 3 months or longer; or be severely cognitively impaired. ADLs include bathing, eating, dressing, toileting, transferring (getting into or out of your bed, chair or wheelchair) and continence.

"At what age should I make an application for long-term care insurance?" Generally, experts suggest you are applying between ages 50 and 55. The younger you might be when applying, the greater the chance you will probably be healthy enough to qualify. It's also during these years ahead of retirement your income is normally at its highest and you're simply better able to cash insurance 
premiums.

Long-term care insurance plans vary widely. A professional dedicated to long-term care insurance is usually a great resource to consumers in for the many 
options on the market.


Updated at: 03:42

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