 | Kevin Knaup received his Kansas Adult Care Home Administrator's license in 1983 and is the Administrator and part owner of Sunset Manor, Inc. in Frontenac, KS. He has been employed at Sunset Manor for 31 years. He is a member of Kansas Health Care Association and Kansas Adult Care Executives. He has served on various local and state committees for education and training in the Adult Care home field. |
Senior Living
2011-05-01 10:46:00
Long term care insurance and adult living/care
Answer: If you are an adult in your 40’s or older, there is no better time to consider the value of long term care insurance.
Long term care insurance is not health insurance. It is designed to cover related health expenses which health insurance does not, such as in-home help, assisted living services, adult day care, visiting nurses and depending on the level of insurance, care in a nursing home.
Unfortunately, long term care is costly but is something that all of us will likely need at some point in our life. While we all realize this, a recent study by Prudential Insurance Company showed that most of us fail to prepare for that eventuality, mostly due to lack of knowledge. A full one third of respondents believed that Medicare or Medicaid would cover any extended care costs.
In reality, long term care is expensive and can quickly exhaust resources. Medicare does not cover long term care and Medicaid will, but only after all other resources are exhausted, leaving very little to live on. This can leave the person needing care, and their family, in a difficult place.
Long term care insurance can help provide the assistance needed, filling the gap left by what health insurance does not cover. However, it is best to consider buying it well before an anticipated need. Those purchasing it at age 70 or older will likely be deemed high risk and have high premiums if they are able to obtain coverage at all.
As in any type of insurance coverage, be sure to go over the policy and to see exactly what it covers. Some of the most important concerns would be:
•Does not require hospital stay
before receiving benefits
•Cannot be cancelled if you pay the
premium
•Covers pre-existing conditions
•Inflation protection
•Allows a downgrade in coverage if
you cannot afford premiums
•Covers dementia care
The cost of individual policies can vary significantly, so it is important to shop around until you find one that meets you needs and your budget.
