When I discuss long term care with many of my clients I try to make sure they understand the difference between “[intlink id=”272″ type=”post”]long term care[/intlink]” and “medical care.”
As a general definition, medical care is care that is received as a result of some serious injury or illness. It is usually for a short time while the patient is recovering. It is usually received when there is an expectation that the patient will recover and is usually provided by doctors, nurses or trained professionals under the supervision of a doctor or nurse. The purpose of medical care is to cure or heal the patient.
In contrast, long term care is received over a longer period of time. Recovery is not expected in most cases. It is generally received due to a chronic, debilitating and permanent illness or injury. The purpose of long term care is maintenance rather than cure. The idea is to help the patient manage and function despite some permanent illness or injury. Long term care can be administered by non-medical personnel including family and friends.
So why get long term care insurance? Imagine that you could no longer feed yourself or bathe yourself due to a serious accident, illness or old age. A long term care policy would pay a daily benefit to cover the cost of hiring someone to assist you in performing standard activities of daily living (ADLs). Activities considered essential to daily living include bathing, continence, eating, dressing, toileting and transferring. Keep in mind that to qualify for a benefit payout an insured must be unable to perform 2 or more activities of daily living.
In comparison to other[intlink id=”272″ type=”post”] life, accident and sickness policies[/intlink], long term care is probably the easiest to get. There is no medical screening requirement for applicants under the age of 65, just an application and a telephone lifestyle questionnaire. For applicants older than 65, an attending physician statement is required.
Do you need life insurance or long term care? Get in touch with me and I will guide you through the process of choosing the right product for your needs.