What is long term care insurance?
It is insurance for when you may need long term care
services at home, in a nursing home, or at another long term care facility.
In our jobs anything can happen at any moment. In the years
I’ve been working I have seen my share of car accidents, falls and strokes. Now
think about if one of these things happened to you and your injuries were
server enough that you were no longer able to return to work. Now also think
about what this will mean for your family and the position this will put them
in. If you have young kids and a spouse, it could cause your spouse more stress to have
to take care of you long term as well as the kids? What about financially, if
your spouse has traditionally stayed home or only worked part time would they
now have to work full time to cover your loss in income? This is where some of
the benefits of long term care insurance can help.
What are the benefits?
Long term care is insurance that provides care for you in
your home, nursing home, assisted living facilities or adult day care
facilities. Most people are familiar
with nursing homes but with in-home
care, trained professionals like home health nurses can be provided a few times
a week to help with hygiene, medication, etc. and during the times when your
spouse may need to leave to take care of some things or just need some alone
time adult day care can be provided.
There is also training for your spouse so they are properly trained in
how to take care of you. Click here
to learn about more benefits.
How long does the coverage last?
You can customize your plan to
cover you for 2 years, 3 years, 5 years or unlimited. Now keep in mind that
although it may be cheaper, but if you choose anything less than unlimited and
you are permanently disabled your coverage only last those amount of years.
Coverage usually kicks in after 90 days. But if you keep an emergency fund of
at least 3 months of expenses including the cost of food and gas for your car
you should be fine.
Who can apply?
Active and retired Federal employees, domestic partners,
spouses, parents, parents-in-law and adult children/step children may apply for
federal long term care insurance. Keep in mind a medical screening may be
required.
The younger you are when you apply the cheaper the cost for
the coverage starting out. To apply or read more on this subject visit ltcfeds.com. You can opt to have the money
automatically withdrawn from your pay check. Plus once you have to start using
this product you will no longer have to pay the premiums. Also, think about the
amount of money you leave in the hands of your loved ones to be used for every
days needs and not toward your daily care and how much of a weight that will
remove from their shoulders.
Ms. Smart
