Resources for Long-Term Care Insurance Information
If you have been reading my posts on (1) Basics of LTC Insurance and (2) How LTC Insurance works with Medicare and Medicaid, you may have more questions than answers.
One basic I forgot to mention earlier is the difference in levels of care facilities. While these are general, and the experts would probably take issue with my descriptions, here is my understanding of what these terms mean (from my own experience):
- Independent living facilities offer seniors the ability to live independently in apartments; a dining room is on premises. No nurse is on staff, but there are trained staff members who keep an eye on the residents. Transportation to events, doctor visits, shopping is provided, as are activities.
- Assisted living facilities offer apartments, and trained nurses are on hand to administer medication and monitor residents. Rehab facilities may be provided. Activities are scheduled and a dining room is included. Transportation is also provided. This is a higher level of care, but residents still take care of themselves. (See ADL’s below).
- Nursing home care is provided for seniors who can’t perform one or more ADL, and who need nursing care.
If you decide to check out LTC insurance policies, here are some items to consider:
- What is the benefit waiting period? Is it cumulative or consecutive? (That is, does it consider several incidents or just one?) Can you afford to cover your nursing home care (including Medicare’s coverage) until the waiting period is satisfied?
- What activities of daily living (ADL) are considered in determining eligibility? The more, the better, obviously. ADL’s are: eating, using the bathroom, moving, bathing, drssing, and maintaining continence.
- Is dementia care (Alzheimer’s) covered? Most policies today will cover this condition, but you might have to pay more.
- Where can you receive care? What care is covered? Is in-home care covered? Assisted living? Adult day-care?
- Is inflation protection available? How do you get it (buying it later or is it built in)? How much does it cost?
Some resources to help you make decisions on LTC Insurance:
The U.S. Department of Health and Human Services has a brochure you can download with more information on Long Term Care Insurance. The brochure includes a good checklist you can use to compare the features of different LTC insurance companies.
You might also want to check out a group called America’s Health Insurance Plans (www.mylifemyfamily.com), the national association representing health insurance companies. The AHIP website has more information about long-term care insurance. AHIP has also commissioned a report on long-term care and Medicaid that you might find interesting.
I’d like to know what you think about long-term care insurance, and if you would consider buying it (if you haven’t already). Vote on my poll or leave a comment.