Understanding Long Term Care Insurance
Understanding the payment options for home care can be complicated and confusing. One of the first steps in the process is to determine whether or not your loved one has Long Term Care insurance.
Because the in-home care your loved one requires is considered “non-medical”, these services are not covered by traditional health insurance, Medicare, or Medicaid.
What is Long Term Care Insurance?
Long Term Care insurance (LTC or LTCi) helps provide for the cost of long-term care beyond a predetermined period. Long Term Care insurance covers in-home care and community-based care, which is generally not paid for by health insurance, Medicare, or Medicaid. These individuals require long-term home care and are unable to perform the basic activities of daily living (ADLs) including bathing, dressing, eating, continence, toileting, and ambulation.
Types of Long Term Care Insurance Benefits
Long Term Care insurance generally covers home care, assisted living, adult daycare, respite care, nursing home, dementia care facilities, home modification, and Durable Medical Equipment (DME). Home modification typically covers 30 to 60 days of benefits. Long Term Care insurance can pay for home care in the form of a visiting or live-in caregiver, companion, or nurse up to seven days a week, 24 hours a day. Key components of LTCi: