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Long Term Care
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| Long-term care (LTC) is the assistance that is provided to people who are unable to perform the Activities of Daily Living (ADLs) that healthy, fully-functional people do independently and on a daily basis. The need for long-term care services arises from chronic health conditions and/or physical disabilities - such as a stroke, Multiple Sclerosis, Parkinson's or Alzheimer's disease.
Long term care is provided over a
long period of time at home, in an assisted living facility
or at a nursing home. Levels of care are specifically
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Skilled care, required around the clock, is provided by licensed medical professionals under the direct orders of a physician;
- Intermediate care is skilled care required occasionally; and
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Custodial care, for people who need assistance with Activities of Daily Living (ADLs) - bathing, continence, dressing, transferring, toileting and eating
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As we live longer, the likelihood of needing long term care increases. Based on a Harvard University study, one in five Americans over age 50 are at high risk of needing long-term care services during the next 12 months. In fact, the need can occur at any age.
A long-term illness can deplete a lifetime of accumulated assets very quickly. One year of nursing home expenses averages $40,000 - $80,000 nationally. The average length of care is 2 1/2 years for 80% of individuals requiring long term care. The other 20% require more than 5 years. Health insurance usually won't cover all of these costs, and Medicare has restrictions and limitations on long-term care benefits.
Long-term care insurance is the only insurance designed to help cover the costs of long-term care services. Without it, chances are good you'll be responsible for paying most, if not all, of the costs out of your own pocket. Long-term care services simply aren't fully covered by any other type of insurance. |
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Even the best medical, HMO
or PPO plan won't adequately cover it because
their focus is "acute" health care.
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Disability income insurance is generally about replacing lost income and provides no long-term care insurance benefits.
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Medicare covers some care in Nursing Homes and at Home, it does so only for a limited time subject to restrictions.
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What Medicare doesn't pay, your Medicare Supplement won't pay either.
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| It's usually less expensive if you buy long-term care insurance when you're younger. In fact, with most plans, the longer you wait the more it will cost you - for the exact same coverage. That's why it's such a good idea to consider long-term care insurance as an integral part of a well-rounded financial plan. It may help protect your hard-earned assets, and provide more control over how and where you receive care should you need it. With a wide range of benefits, you can help ensure that you will be able to get the type of care you need, where you want it |
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Please ensure you complete the quotation form below as accurately as possible. If you would rather speak to one of our representatives,
please Call (973) 836-0310 or e-mail: longtermcare@horizoncoast.com to setup a confidential consultation. |
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| Completion of this form is for informational purposes only, and is just an estimate and is not a statement of contract. Coverage may not apply in all states. This WILL NOT result in a new policy, or change to an existing policy. For complete details of coverage, conditions, limits and losses not covered, be sure to read the policy, including all endorsements |
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