More than 34 million people are currently over the age of 65 - and by 2030, nearly one in five people - almost 70 million - will be over 65.
Statistics show that the odds of spending 2 or more years in a nursing home are one in three. It is no wonder that an increasing number of people are purchasing long term care insurance.
Long-term care insurance was first introduced 25 years ago and was designed as nursing home insurance, with no coverage for alternative care. Most Long term care insurance policies became effective only after the patient spent 3 days in the hospital, and no provision for long term illnesses such as Alzheimer's were provided.
However, most long term care policies now provide benefits for skilled, intermediate and/or custodial care.
Skilled care is usually prescribed by a doctor and provided by a registered nurse, and encompasses 24 hours a day. Intermediate care means occasional nursing or rehabilitative care. Custodial care involves assistance with activities for daily living (ADLs) such as bathing or eating that can be administered by someone without professional medical skills, and is usually rendered in a residential care home or in the individual's home.
Benefits from long-term care insurance are usually triggered by the loss of two ADLs, or cognitive awareness. This is where the details of the policy come in. Some Long term care insurance policies count bathing and dressing as two separate ADLs, while others combine them into a single ADL - and will not pay benefits until the ability to perform a third ADL is lost.
Important features to look for in long-term care policies include:
- coverage for skilled, intermediate and custodial care
- home care
- low ADLs
- no prior hospitalization requirement
- inflation protection
- waiver of premium
- guarantee of renewability
- coverage for Alzheimers
Register your Long Term Care Insurance fraud Complaint
If you or a loved one has been denied long term care benefits from your insurer, you may qualify for damages or remedies that may be awarded in a long term care insurance fraud lawsuit. Please click the link below to submit your complaint to an insurance lawyer for a free evaluation.
Last updated on Aug-31-06 |
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