Wealth Builders Group / MoneyMasters and myEcon Members
What is Long Term Care Insurance
Long-term care is ongoing care or services required by those who are unable to care for themselves. As we grow older, we often need assistance with one or more everyday activities such as dressing, eating, bathing, and personal hygiene.
A good long-term care policy can help you achieve several goals. Among these is the ability to preserve the wealth you worked so hard to accumulate. In addition, it can help you maintain your financial independence and avoid burdening both family and friends with your care. A good long-term care policy can also ensure your access to quality care of your choice; as well protect your ability to remain independent.
Long-term care is the assistance needed over an extended period of time to manage rather than cure a chronic condition such as arthritis, a stroke, dementia, the frailties of aging, recovery from surgery or accident. Care could be needed for weeks, months, or years.
Long-term care can include assistance in your own home, in a residential care or assisted living facility, adult day care, or in a skilled nursing facility. Assistance may be needed when you are not able to do some of the basic "activities of daily living" (ADLs) such as bathing, dressing, toileting, or moving from a bed to a chair.
You might need assistance with ADLs if you suffer from an accident or injury, recovering from surgery, a prolonged illness, or advanced age. Some people may need long term care because of mental deterioration, called "cognitive impairment" that can be caused by a brain disorder such as dementia, Alzheimer's, or mental illness. They may appear to be "healthy" but are unable to take care of themselves .
We have a variety of long-term care products, including those that pay a benefit directly to the policy holder, significantly reducing the amount of paperwork typically associated with "reimbursement" policies. Below are a few page links that discuss LTCI and how it can be intergated into Life Insurance and Annuity products.