Charles White | Long-Term Care Insurance

Long Term Care Insurance (LTCi). These insurance plans have come a long way since I started offering “Nursing Home Insurance” 40 years ago. The plans have changed dramatically over the years but the primary reason for having the coverage has not changed – “Love and Independence.” Why would a couple take valuable income and apply it to a LTCi policy? Why would a single person purchase the coverage? It comes down to loving your spouse or family and not wanting them to suffer financially and also allowing you the independence to search out the best location for your needs – many times the best location is in your home! I do not believe there is any worse agony then being in a Nursing Home and seeing the assets you have accumulated over a lifetime disappear. Yes, Love and Independence are very important and we hope to help you protect both! What is LTCi? This insurance product has evolved rather quickly, as it relates to other types of insurance. The life and health insurance industry developed this type of coverage knowing that the need was there to help pay for Nursing Home related expenses. Between “mandated” benefits and competition the plans have evolved to provide you valuable benefits on a wide range of health needs. This is insurance coverage designed to provide benefits if you have certain problems that result in physical or cognitive impairments - things that generally prevent you from performing normal daily activities such as bathing, continence, transferring, toileting, eating and dressing – generally referred to as “ADL’s” (activities of daily living). ADL’s basically are the things we normally do in daily living that we perform for our own self care. It is very difficult to cover all the benefits that are available with the different carriers. Generally the benefits that are primary are expenses you incur if you are in a skilled, intermediate or custodial care situation. I will say that many of the additional benefits are designed to help keep you out of the Nursing Home. Some benefits can actually help pay for basic modifications to your home, or even help train a family member or friend to provide care for you in your home, all designed to help maintain your independence and quality of life.