Long-term care provides many services to help with medical and non-medical needs of those who cannot take care of themselves, especially for an extended length of time. This includes helping those who are not able to do two of the six Activities of Daily Living (ADL). The different types of ADL include:
There are multiple types of long-term care which include skilled care, custodial care, and intermediate care.
Skilled care is 24/7 care and is ordered by your doctor to treat your medical condition.
Custodial care can be provided in a facility or at your home and is designed to help you perform the Activities of Daily Living. Custodial care does not have to be ordered by a doctor.
Intermediate care is provided by medical workers and under the supervision of a doctor, but is not a type of care that is required 24/7. Generally, immediate care is only needed a few days out of the week.
While the cost of long-term care will vary, it can become very expensive without the right coverage in place. However, with a long-term care insurance policy, you can expect to receive coverage for all or part of in-home care or assisted living facilities, saving you from expensive long-term care costs.
In general, long-term care insurance will pay for the cost of care due to a disability, chronic illness, or injury. It will also provide assistance that may be required as a result of the general effects of aging.
Long-term care policies are typically medically underwritten, which means you will be asked questions about your health history. Based on your answers, you could have your rates increased or be declined for coverage. This is why it is important to consider buying a policy when you are younger and have not had significant health issues yet.
While needing long-term care may seem like something that is not needed now or soon, it’s important to understand that you should not wait too long to purchase a long-term care policy. Individuals who turn 65 have a 70% chance of needing long-term care, which could lead to having expensive out-of-pocket costs without the right coverage.
If you’re ready to learn more about long-term care insurance and what you can do to get the coverage you need, reach out to Owens & Owens Consulting today.
