Long Term Care

Question 1

How critical is long-term care insurance?

Answer 1

If you are covered for life, insurance, disability, insurance, critical illness, insurance, then long-term care insurance is next on the list in order of priority

Question 2

What is the point of long-term care insurance?

Answer 2

This type of insurance protects against financial loss when an individual is no longer capable of caring for themselves. These policies cover the needs of individuals who need services like home, care, or long-term care facilities.

Question 3

What is an ADL?

Answer 3

Activity of daily living

Question 4

How do you qualify for LTC benefits?

Answer 4

To qualify for benefits, when must not be able to do at least two of the ADL list

Question 5

How many activities are in the ADL list? And what are they?

Answer 5

Six

Getting out of bed (transferring)
Control of continence
Toileting (getting on and off the potty)
Bathing
Getting dressed
Eating (feeding oneself)

Question 6

Other than the ADL list what is another way of qualifying for long-term care?

Answer 6

One may qualify due to mental incapacitation, such as dementia, e.g., Alzheimer’s

Question 7

What is a typical waiting period for long-term care insurance

Answer 7

30-90 days typically

Question 8

Are critical illness insurance benefits, taxable?

Answer 8

No

Question 9

Are long-term care insurance benefits, taxable?

Answer 9

No no