Long Term Care
Long-Term Care (LTC) insurance covers a variety of medical and non-medical services for people who need care based upon disability, trauma or chronic illness. When one of these conditions limits an individual’s ability to carry out basic self-care tasks (Activities of Daily Living or ADLs) such as dressing, bathing, and using the bathroom, LTC insurance benefits provide coverage for the necessary care of the insured.
About 60 percent people over age 65 will require some type of long-term care services during their lifetime. Consider the following factors that may increase one’s risk of needing long-term care insurance:
It is important to understand the differences among the public programs and private financing options for long-term care services. Each public program and each private financing source has its own rules for what services it covers, eligibility requirements, co-pays, and premiums.
- Age – one’s health typically deteriorates with age
- Marital Status - single people are more likely to need care from a paid provider
- Gender - women tend to live longer than men, thus are considered a higher risk
- Lifestyle – alcohol, poor diet and/or reduced exercise can increase one’s risk
- Health and Family History – genetics play a large part in one’s health
A Long Term Care policy can be an excellent strategy for some individuals, not such a good idea for others. Advisors/Agents need to exercise prudent suitability standards when making recommendations to clients about the use of LTCI as a means to protect themselves against insolvency.
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