EXTENDED CARE INSURANCE
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TEMPORARY LONG-TERM BENEFITS FOR UP TO 2 YEARS.
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Extended Care Insurance is designed to assume the risk of catastrophic expenses that may arise from ongoing assistance with day-to-day activities. You had a hospitalization or a serious illness. You are now at home but are unable to do many of the activities of daily living without the assistance of another person, what can you do? You can depend on your spouse or children to help you. You can depend on friends or neighbors to help you or you can dig into your savings or retirement money to pay for someone to come in to help you. This condition may last for weeks or months. What can you do?
Health Insurance does not cover long term care expenses. It will pay for a nurse to help you manage your medicine and to monitor your symptoms. The nurse can replace bandages and check for healing but cannot help you do what you would normally do for yourself. You may need help dressing and bathing and other activities. Who can do grocery shopping and prepare meals? Who can do the light cleaning to keep you home tidy?
Medicare does not cover this type of care unless you are in a skilled nursing facility and that is only after you have been hospitalized for three days.
Medicaid will help but only if you have limited income and assets of about $2000.
Adult children can provide help however they often have their own family and children to take care of. Most of us do not want to place a burden on our loved ones.
Out of Pocket Income. You can dig into your saving and current income which can impact you financially in future years. You can take money from your retirement 401 (k) or IRA however be prepared to also pay tax on the money received.
Extended Care Insurance is designed to cover these expenses for a reasonable premium when care is most needed.
Unlike traditional long term care policies, you do not need a doctor to certify that your inability to do two or more of your activities of daily living is expected last for 90 days or longer. Extended care coverage can start as quickly as the first day needed.
Coverage is available up to the late 80’s. Serious pre-existing medical conditions may be covered. Not all conditions are eligible for coverage but if you have an interest, it is worth looking into availability.
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Coverage can be designed for your specific needs. Waiting periods can be immediate or as long as ninety days. Some of our policies have a prescription drug benefit which will reimburse you for drug costs. This does not replace your need for a Medicare compliant drug plan-Part D Medicare.
These policies are designed to last for a two year claim at most. Most needs may be satisfied during this period of time. Many policies will offer a benefit which will reinstate benefits used after a period of time of recovery.
Long term care insurance (LTC) is an important thing to own but for many, especially at older ages it has become cost prohibitive. Most LTC policies require waiting periods before reimbursement starts. Extended Care Coverage can fill in that waiting period.
Call or email us for further information and premiums. You have nothing to lose. Premiums are the same for men and for women. They are based upon the benefits selected and your age. Policies may not be available in your state.