Long Term Care
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Long Term Care
Long term health care insurance provides financial support and resources to any individual in order to maintain the basic necessities of life in the event of a long term disability. Tveter Insurance Services group plans ensure that their clients are provided an income source if they qualify for long term coverage and are unable to work for an extended period of time.
Providing our Customers with long term health coverage is a practical option for any person. Tveter Insurance Services offers a wide range of features that can replace a percentage of an individual's assets allowing for short or long term plans.
A variety of options for long term care coverage
Long term care insurance can function as a core component to your health care package. Tveter Insurance Services representatives can help tailor the precise terms and options available for this segment of your coverage plan in accordance with your budget. Whether you choose options that include plans with annunities with Long Term Care options or streight Long Term Care policies or opt to combine coverage with other medical services and prescription drug allowances, our advisors can help to determine the plan that best suits your needs.
What is Long Term Care
Long-term care is a range of services and supports you may need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activities of Daily Living (ADLs), such as:
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Bathing
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Dressing
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Using the toilet
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Transferring (to or from bed or chair)
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Caring for incontinence
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Eating
Other common long-term care services and supports are assistance with everyday tasks, sometimes called Instrumental Activities of Daily Living (IADLs) including:
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Housework
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Managing money
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Taking medication
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Preparing and cleaning up after meals
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Shopping for groceries or clothes
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Using the telephone or other communication devices
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Caring for pets
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Responding to emergency alerts such as fire alarms
This can be in your home or in a care facility.
It does not necessarily cover medical.
70% of people turning age 65 can expect to use some form of long-term care during their lives.
The time to apply is between ages 40 and 50 for the best prices for Long Term Care.
How long does the average person need Long Term Care? 3 yrs
You can purchase options for 1, 3, 5 10 and longer but the cost will be set based on the options you choose.
Medicare does not pay for Long Term Care. It will only covers stays in a medical facility for 100 days. After that it is your responsibility.
Cost can vary depending upon the services you purchase. The average is about $8000 per month.
In home care can be much less. Give us a call at Tveter Insurance Services to discuss your options.
How can you pay for it.
Long Term Care Insurance Policy
Savings – Annuities - Retirement accounts
Home equity Reverse Mortgage
Borrow on Life Insurance
Children
Medicaid – after all assets are used up.
Items to consider.
How much do you want LTC to pay?
Elimination Period – When the policy will start paying.
Deductible – How much you will pay out of your pocket.
Term 1 – 3 - 5 - 10 years
Inflation
When to buy – after 40 Cost go up every year.
To discuss these and other options please give us a call at 925 408 5756