Long Term Care Glossary Terms You Need to Understand
People have been talking about needing LTC insurance policies, but do they know everything about it? What are the Long Term Care glossary terms that one needs to understand before they purchase a policy?
With the array of insurance policies available in the market, it is imperative to understand what plan you need and why you need it. After all, this concerns the future of your health and wealth.
Long Term Care insurance is the coverage for people who require long term care or need assistance in Activities of Daily Living (ADL) such as eating, bathing, dressing, continence, transferring and toileting. There is no need to burden your loved ones with the responsibility of taking care of you if you have this policy because it covers nursing homes, adult day care, home care and assisted living. Nursing homes, or otherwise known as Skilled Nursing facilities, provide the highest level of Long Term Care. Aside from board and lodging, it provides a continuous medical treatment program and a 24 hour nursing care, personal care and custodial care. There are registered nurses, LPN and licensed physicians on call at all times. Adult day care, on the other hand, pertains to social, recreational and rehabilitative services provided to persons within a community. This is an alternative to care in a home and in an institution.
However, it can also be used as a combination with home care to provide caregivers a break. Another Long Term Care Glossary term that you need to know is the Assisted Living Facility (ALF). This non-medical institution provides room, board, laundry, other personal care and recreational services. People living here cannot live independently but do not need the round-the-clock supervision of nurses. ALFs are called by different names in other states namely residential care facility, domiciliary care facility, sheltered house, community-based care facility, board and care home, etc. The last type of long term care is the Home Care. As per the name itself, it is skilled and unskilled services provided at home or in a residential setting. It may pertain to an array of services from skilled care and physical therapy to personal care.
Some people opt not to purchase an LTC plan thinking that they can do without it since there is Medicaid/Medicare available. What they do not know is that these government programs have a lot of restrictions/limitations. Unless you are legally impoverished, Medicaid won’t pay for your long term care. You have to take it out of your own savings. Medicaid provides health care services for people with low incomes and limited assets. There are also rules for the amount of income a person must have per state to be eligible for Medicaid. Another federal government insurance program for people age 65 and over or those disabled with medical and hospital expenses is Medicare. This only covers LTC for a short period of time, usually less than 100 days and does not provide benefits for personal or custodial care.
LTC is a broad topic but the aforementioned Long Term Care Glossary terms are the most common ones that you need to understand for you to decide whether you need this policy or not. At the end of the day, the future of your health and wealth lies in your hands. It’s up to you to decide how to protect it.
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