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Reasons for Short or Long term care
You had a medical procedure and are out of the hospital what can you do? For temporary medical aftercare such as surgery, injury, illness, or other medical condition you would use a short-term care policy. The goal in the short term is to speed the recovery with assisted medical providers.
Long-term care helps those with chronic illness or progressive medical conditions. For example, Parkinson’s disease, permanent disabilities, dementia, or a debilitating stroke are more than an individual can handle on their own or with the help of family. Depending on the policy in long-term care either providers can come to the home or if the illness or disability is serious stays in assisted living facilities with 24/7 medical professionals.
These care solutions are there to help provide support for the patient and family to either get the patient back on their feet or ease the hardships of a long-term situation. Having the financial resources to meet these issues is of concern to many people as they age. Be sure to discuss with your agent to see if a policy is right for you.
What is Short-term care
Short-Term Care insurance (STCi) policy provides coverage for 1 year or less.
For many people, this is a very appropriate as around half of long-term care insurance claims were for 1 year or less. Your typical short-term care occurs following surgery, injury, illness, or other medical condition. Services typically last several weeks or a few months, or sometimes longer depending on the severity of the condition being treated.
The many policies have an Elimination Periods (vary in length) and a full year of benefits. Simply, that means that some policy pays on the very first day one qualifies for benefits and others there is a short waiting period compared to many traditional long-term care insurance policies sold with a 90-Day elimination period. Be sure to discuss with your agent the length of deductible you can afford to wait before benefits are paid.
Short-term care can pay in addition to Medicare -- something a traditional Long-Term Care Insurance policy is prohibited from doing.
What is Long-term care
Long-Term Care (LTC) Insurance coverage that provides nursing-home care, home health care, personal or adult daycare.
The typical user is above the age of 65 or is someone with a chronic or disabling condition that needs constant supervision. A long-term care insurance policy can offer more flexibility and options to meet a families needs, be sure to review the options with your insurance advisor. To make an informed decision and comparison to public assistance programs.
LTC insurance policies cover only a specific dollar amount for each day you spend in a nursing facility or for each home-care visit. Your insurance advisor can answer your questions as you review different policies Together we can compare the benefits from the different carriers to see which policy meets your needs.
Some carriers have the option for full home care coverage. This will pay for home care from the first day it is needed. Options from carriers vary It can cover expenses for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours per day. This all depends on the limits you choose on the policy.
As you know insurance gets more expensive as we age, many experts suggest shopping for LTC insurance between the ages of 45 and 55. This is the best time as many individuals are reviewing their overall retirement plan. LTC is another way to protect assets from the high costs and burdens of extended health care which continue to increase every year increases.
Additional considerations for Long-Term Care Insurance
Family members may not be able to provide both financial and physical support needed for long-term care.
LTC helps cover out-of-pocket expenses. Without family support or insurance, long-term care expenses would quickly deplete the savings of an individual and/or their family.
The addition of trained medical help relieves the family of some of the burdens of an individual in Long-term care. The relief from stress knowing the individual is getting better care cannot be measured. Also, giving some of family caretakers time back to them enables them to live a more normal life,
A note, you should always discuss the tax implications with your tax advisor.as you finalize your selection of policy. Your insurance advisor does not give tax advice.