Product Overview > Individual Plans > Long Term Care
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If you would like to get pricing on an employee benefits plan, contact your Kistler Tiffany Benefits representative by clicking here
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Why is Long Term Care Insurance Important?
How long would it take for you to exhaust you family's personal savings if you had to pay for care for a loved one?
The need for long term care services can happen to anyone. Long Term Care refers to services needed primarily for personal care when a person may have lost some or all of their capacity to function due to an illness or disability. Examples of long term care services are custodial care provided at home, in a nursing home or in an assisted living facility.
Group and individual medical insurance policies do not provide benefits for these types of support services. While, Medicaid, a government program is a means-tested program funded by the Federal and state governments and administered by each state to provide health care for eligible individuals. The program is in a current financial crisis with benefit cut backs being considered by policy makers. Also, Medicare pays only limited benefit for long-term care since the program is for Medical care instead of for personal care. Although there are various ways to privately pay for the cost of Long Term Care services, a Long term care insurance policy is the most cost-effective method to pay for the high cost of long term care services.
How is Long Term Care Insurance Purchased?
LTCI is Insurance available through private insurance companies as a means for individuals to protect themselves against the high costs of long-term care services. A long term care insurance policy is designed so family members can plan ahead to provide funds to pay for the cost of services like nursing home, home health care, skilled or unskilled care.
A specifically designated Long Term Care Insurance policy is the most effective way to cover the burdensome cost of long term care services.
In additional to individual long term care insurance policy, your client may find other insurance products that offer a similar type of financial protection.
- If your client owns a disability insurance policy there may be a feature to accumulate credits towards the future purchase of a long term care insurance policy or a conversion feature changing the disability policy to a long term care policy.
- Some Life insurance policies include a rider to pay for certain long term care expenses. However, benefits paid for long term care services usually reduce the death benefit.
- If you are is eligible to purchase long term care insurance policy as part of association or marketing group s/he may get a discount on the cost of the policy that is offered through the association or group.
Enlist help from an insurance agent that is a long term care insurance specialist. A specialist will help you select the critical long term care insurance policy characteristics most relevant to your situation.
Click here to read an article written by Ross Schriftman, Long Term Care Insurance specialist at Kistler Tiffany Benefits.
Contact us to obtain a copy of booklet The Shoppers Guide to Long Term Care Insurance
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