LONG TERM CARE
What is Long-Term Care? When would you need it? How does LTC Insurance work? How might it benefit you?
Long-Term Care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods. Long Term Care is focused on individualized and coordinated services that promote independence, maximize patients' quality of life, and meet patients' needs over a period of time.
It is common for Long-Term Care to provide custodial and non-skilled care, such as assisting with normal daily tasks like dressing, feeding, using the bathroom. Increasingly, Long-Term Care involves providing a level of medical care that requires the expertise of skilled practitioners to address the multiple chronic conditions associated with older populations. Long-Term Care can be provided at home, in the community, in assisted living facilities or in nursing homes. Long-Term Care may be needed by people of any age, although it is a more common need for senior citizens.
Facilities that offer formal LTC services typically provide living accommodation for people who require on-site delivery of around-the-clock supervised care, including professional health services, administering medicines, personal hygiene care, and services such as meals, laundry and housekeeping. These facilities may go under various names, such as: assisted living, nursing home, personal care facility, residential continuing care facility, etc. and are operated by different providers.
Long-term care provided formally in the family's home, also known as home health care, can incorporate a wide range of clinical services (e.g. nursing, drug therapy, physical therapy) and other activities such as physical construction (e.g. installing hydraulic lifts or elevators, renovating bathrooms and kitchens for disability compliance and access). These services are usually ordered by a physician or other professional. Depending on the health and social care system, some of the costs of these services may be covered by their health insurance or long-term care insurance.
Long-Term Care is typically funded using a combination of sources including, but not limited to: family members helping to pay, Medicaid, Long-Term Care Insurance and Medicare. One of these includes out-of-pocket spending, which often becomes exhausted once an individual requires more medical attention throughout the aging process and might need in-home care or be admitted into a nursing home. For many people, out-of-pocket spending for Long-Term Care is a transitional state before eventually needing Medicaid coverage. Personal savings can be difficult to manage and budget and often is depleted rapidly. In addition to personal savings, individuals can also rely on an Individual Retirement Account, Roth IRA, Pension, or the funds of family members.
Medicaid and Medicare accounts for approximately 71% of National Long-Term Care spending in the United States. Out-of-pocket spending accounts for approx. 18% of National Long-Term Care spending, Private Long-Term Care Insurance accounts for approx. 7%, and other organizations and agencies accounted for the remaining 4% expenses.
It is common for Long-Term Care to provide custodial and non-skilled care, such as assisting with normal daily tasks like dressing, feeding, using the bathroom. Increasingly, Long-Term Care involves providing a level of medical care that requires the expertise of skilled practitioners to address the multiple chronic conditions associated with older populations. Long-Term Care can be provided at home, in the community, in assisted living facilities or in nursing homes. Long-Term Care may be needed by people of any age, although it is a more common need for senior citizens.
Facilities that offer formal LTC services typically provide living accommodation for people who require on-site delivery of around-the-clock supervised care, including professional health services, administering medicines, personal hygiene care, and services such as meals, laundry and housekeeping. These facilities may go under various names, such as: assisted living, nursing home, personal care facility, residential continuing care facility, etc. and are operated by different providers.
Long-term care provided formally in the family's home, also known as home health care, can incorporate a wide range of clinical services (e.g. nursing, drug therapy, physical therapy) and other activities such as physical construction (e.g. installing hydraulic lifts or elevators, renovating bathrooms and kitchens for disability compliance and access). These services are usually ordered by a physician or other professional. Depending on the health and social care system, some of the costs of these services may be covered by their health insurance or long-term care insurance.
Long-Term Care is typically funded using a combination of sources including, but not limited to: family members helping to pay, Medicaid, Long-Term Care Insurance and Medicare. One of these includes out-of-pocket spending, which often becomes exhausted once an individual requires more medical attention throughout the aging process and might need in-home care or be admitted into a nursing home. For many people, out-of-pocket spending for Long-Term Care is a transitional state before eventually needing Medicaid coverage. Personal savings can be difficult to manage and budget and often is depleted rapidly. In addition to personal savings, individuals can also rely on an Individual Retirement Account, Roth IRA, Pension, or the funds of family members.
Medicaid and Medicare accounts for approximately 71% of National Long-Term Care spending in the United States. Out-of-pocket spending accounts for approx. 18% of National Long-Term Care spending, Private Long-Term Care Insurance accounts for approx. 7%, and other organizations and agencies accounted for the remaining 4% expenses.
When would you need it?Age
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How does it work?Long-Term Care is a range of services and support for your personal care needs. Most Long-Term Care isn't medical care. Instead, most Long-Term Care is help with basic personal tasks of everyday life such as: dressing, bathing, eating, toileting & continence, transferring (getting in and out of a bed or a chair), and walking; of which these are called activities of daily living.
Medicare doesn’t cover Long-Term Care (also called Custodial Care), if that's the only care you need. Most Nursing Home Care is custodial care. Get more information about Nursing Home Care. Long-Term Care Insurance (LTC or LTCI) is an insurance product, sold in the United States that helps pay for the costs associated with Long-Term Care. Long-Term Care Insurance covers care generally not covered by Health Insurance, Medicare, or Medicaid. |
how might it benefit you?Long-Term Care Insurance Policies should you have the need, may cover the following types of care for you or your loved one:
1) Nursing Home 2) Assisted Living Facility 3) Adult Day Care Services 4) Home Care 5) Home Modification 6) Care Coordination 7) Future Service Options |
Call Western States Financial to find out more about Long Term Care and its options.
Call us today @ (951) 371-7608
Call us today @ (951) 371-7608
