Types of Long Term Care Insurance Policies
There are several types of long term care insurance policies available to assist you with personal care as you age. At Schneider and Shulman Associates, we offer comprehensive insurance policies that include Skilled Care, Intermediate Care, Custodial Care and Home Care benefits. Our team will help you understand the details and benefits with each of the following LTC policies and our long term care insurance brokers with develop a custom solution to fit your coverage needs. Learn more about the types of long term care insurance policies that protect over 7 million policyholders, below.
1. Skilled Care Insurance
Skilled Care Insurance is medically necessary care provided by licensed professionals, such as nurses and therapists, working under the supervision of a doctor. Individuals typically need Skilled Care Insurance when they are recovering from a serious illness or injury and require daily care.
2. Intermediate Care Insurance
Intermediate Care Insurance also requires supervision by a physician and skilled nursing care, but it is needed only intermittently. Individuals typically need Intermediate Care Insurance when they are recovering from an injury that requires care, but care is not provided on a daily basis, such as a broken ankle or leg.
3. Custodial Care Insurance
Custodial Care Insurance covers nursing home services. The benefits of this policy cover mainly room and board plus payments for assistance with the activities of daily living (ADLs). Individuals typically need Custodial Care Insurance when they require assistance with daily activities like dressing, bathing, eating, toileting, continence and transferring.
4. Home Health Care Insurance
Home Health Care Insurance benefits may range from homemaking and chore services to occupational therapy and laboratory services, depending on the specifics of your policy. Individuals typically need Home Health Care Insurance when they can no longer complete tasks related to bathing, cooking and transpiration on their own.
Additional Types of Long Term Care Insurance Coverage
Many long term care insurance policies also provide coverage for care and assistance in your own home.
Covered services often include homemaking and chores, providing help for those who aren’t able to handle things like cooking, bathing and transitioning on their own but want to remain in their own homes.
Policies may also cover alternate care, including medically-necessary modifications to your home so you can stay there as long as possible. Policies may also provide benefits for respite care, adult daycare and assisted living expenses.
How About Medicare and Medicaid?
It’s important to note that Medicare insurance does not cover long term care expenses in all but a few cases, and Medicaid insurance strictly limits where you can receive your care. For these reasons, it’s best to explore the types of long term care insurance that fit your lifestyle as early as possible to ensure you are covered with a suitable long term care insurance policy for your lifestyle.
Visit our long term care Glossary to learn more about the different types of long term care policies, benefits and other need-to-know LTC definitions and terms.
For an idea of what different types of LTC insurance cost, you can visit our costs of long term care insurance page.
Still Have Questions?
Contact Us today to speak with a qualified representative about the different types of long term care insurance.