Long Term Care Checklist In our previous blog, we talked about Alzheimer’s disease, including its medical prognosis, why planning is critical, the cost of care and who pays for it. If you have met with your financial advisor, as recommended, then you may have looked at several options. One such option is long-term care insurance. What Is Long Term Care Insurance And What Does It Cover? Long term care insurance is designed to cover long-term services and supports, including personal and custodial care in your home or a community organization, or other facility.[1] Long-term care insurance policies reimburse policyholders a limited daily amount for daily living services such as bathing, dressing, or eating. You can select a range of care options and benefits as per your needs. Most policies sold today are comprehensive. They typically allow you to use your daily benefit in a variety of settings, including:
Your home
Adult day service centers
Hospice care
Respite care
Assisted living facilities /residential care facilities /alternate care facilities
Alzheimer’s special care facilities
Nursing homes
In the home setting, comprehensive policies generally cover these services:
Skilled nursing care
Occupational, speech, physical, and rehabilitation therapy
Help with personal care, such as bathing and dressing
Generally, when a person has Alzheimer’s disease, it is too late for families to buy it. Preserving Medicaid’s long-term care safety net is thus essential. However, it is not the only solution to meeting long-term care needs. Recent changes in tax law have allowed for the deduction of long-term care expenses and help families who purchase long-term care insurance.