Long-Term Care Features: Frequently Asked Questions (FAQs)
Following are some of the most common questions about Elder Care and Long-Term Care Issues.
Why purchase Long-Term Care insurance?
At least 60% of people aged 65* will need long-term care at some point. Due to the increase of chronic illnesses in people of all ages, along with injuries and accidents, 40% of people who currently receive LTC services are under age 64. And our senior citizen population is growing.
Long term care insurance can help cover the considerable cost of long term care and help protect your assets for your loved ones. This is something you cannot expect from other benefits.
It is not likely that health or disability insurance will cover long-term care. Medicare provides coverage only when recovery is anticipated. You must impoverish yourself to qualify for Medicaid, and benefits are becoming less and less comprehensive.
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When should I purchase Long-Term Care insurance?
Facing the illnesses and conditions that require long-term care can be overwhelming. Adapting to a long-term care situation can create tremendous emotional and financial stress. Purchasing long term care insurance can help alleviate some of this.
Unfortunately, we can need long term care at any time in our lives due to accident or illness. You may also find yourself dealing with the long-term care of a spouse or other family member. When we are elderly, the chance that we will need long- term care at some time is fairly high.
It is generally suggested that you purchase it by age 40 or 50 because that is when rates are lowest. In fact, some plans allow you to retain the same rate for the duration of the policy. However, once you have developed a condition requiring long-term care you will not be able to obtain coverage.
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Don’t I already have this coverage in my health insurance plan?
Your health insurance probably does not cover long-term care. Most medical plans are focused on providing benefits for acute (short-term) illnesses, doctor’s visits, hospitalizations, and lab costs. Home health aids and nursing home services are not covered by most policies.
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How do I choose a Long-Term Care Insurance provider?
Long term care insurance plans are becoming increasingly flexible and offer a variety of features. It is important to first identify what your specific needs are and the compare policies to see which is best suited to your situation. Look at many different carriers and weigh the pros and cons of each carefully.
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What is the difference between Medicare and Medicaid?
Medicare is a federal insurance program that serves disabled people and dialysis patients of all ages, as well as people over 65, regardless of their condition. Those who receive Medicare coverage pay deductibles and small monthly premiums for non-hospital coverage. It works basically the same way in all states and is coordinated by the Centers for Medicare and Medicaid Services, an agency of the Federal Government. Medicare does not cover long term care.
Medicaid varies from state to state. It is run coordinated within federal guidelines by local governments. To qualify, you must be destitute. With Medicaid, sometimes a small co-pay is required but patients usually do not pay any part of the cost. Medicaid is the only government program that covers nursing home care.
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Can I ask my parents’ doctor information about their medical condition?
There are strict Federal regulations that protect a patients’ right to privacy, so you can’t approach your parents’ physician for information or records impromptu. However, the parent you are caring for can obtain a form from the doctor that, when they sign it, will enable you to participate more fully in his or her medical care.
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What is an advance directive or living will?
Advance directives and living wills ensure the treatment you receive is the treatment you want when you are unable to communicate, for physical or psychological reasons, at the time treatment is necessary. Doing this removes the burden of making decisions from your family and friends at a time when they, perhaps, will be least able to do so because they are upset about your condition. It may also help you avoid litigation that could ensue over what treatment you really desired or intended.
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Long-Term-Care.org is not a long term care insurance broker or carrier, and we cannot issue insurance policies. We are not associated with the companies profiled on Long-Term-Care.org and we make no representation, express or implied, that you will receive a quote from a specific company profiled herein. This site provides free information on insurance providers and coverage options. Products and policies may not be available in all states, and product and policy information is subject to change without notice. Please direct all insurance questions to your insurance company or broker.
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