IE Group LLC  office

 

of Arthur Harris,

The best in Life, Health and Retirement

Text Box: Long Term Care

Long-term care is what is needed if someone cannot perform two of the six activities for daily living. (ADLs) This is not nursing care and is not covered under regular medical insurance. This is not covered under Social Security.  There are competitive offerings that will reimburse expenses up to a specific daily limit. This is usually calculated bby the amount of benefit per day for as many days as you need it. Which means these policies can run two years to indefinitely. Many of these policies have cost of living writers that increase the daily benefit.  Many have association benefits and spousal discounts.

Product Summary

Often looked at as a bucket of money ready to be spent on your long-term care needs There are six basic ADLs: eating, bathing, dressing, toileting, transferring (walking) and continence.  If you can’t do two of these then you need some form of long term care. 

Before the long-term care actually begins there is an actual waiting period. This could be completely waived or could last up to 180 days.. This is one of the variables that can increase or diminish the cost of a policy. Next we would need to determine how much of a benefit to you want and whether you wanted to work just at home, in a facility or in both.. The more per day the more expensive   Many people look at about  $150 dollars a day.  In this example we will use  two years. 

The total contract value of the policy

Would be $109,000 the way any insurance company makes the decision is through risk. Depending on the health of the individual who’s looking for this long-term care will determine the cost of this long-term care most long-term care companies will not insure you if you’re in a wheelchair.

There are several companies who would offer it what is called an indemnity policy. This is where if you become physically disabled for the same ADLs they will just give you money up to limit. They’re not to concern how you spend the money since you are not planning to be reimbursed just protected.

Genworth financial is one of the many insurance groups who offer long-term care

To contact us:

Phone: 866-986-9933 ext.1

Fax: 626-609-2022

E-mail: financial_planner@great-insurance.org

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