People buy Long-Term Care Insurance to provide cash to fund the cost of nursing care at home or in a facility. This kind of insurance provides daily benefits to fund new expenses that result from a decline in health and the loss of independence.
Some are publicly funded and some require payment by the Long-Term Care recipient. Full-time residence in Victorian private facilities currently range in price from $2500-$15,000 per month, depending on level of care required, daily duration and extent of service provided, etc. Long-Term Care Insurance Benefits are payable when it is determined that health or personal care is needed, usually upon certification by your physician. Certification could result from injury or sickness, the inability to perform a predetermined number of activities of daily living, a cognitive impairment or any continued service that is required as a result of chronic illness. Coverage options vary. Long-term care contracts may include some or all of the following:
Long-Term Care Insurance is a complex type of insurance. Hatch & Muir are Chartered Life Underwriters and Certified Financial Planners. We can provide you with advice and help you choose the right long-term care insurance for you.
Robin Muir, CFP®, CLU®, CH.F.C.