Short-Term or Long-Term Care insurance – what’s the dif?

Insurance is for filling in gaps. In the case of Long-Term Care insurance, it’s for helping you pay costs NOT covered by:

  • health insurance at your job
  • health insurance you purchase privately
  • hospital insurance policies you buy
  • Medicare

The “long term” in Long-Term Care means just that, long. Extended. Chronic.  In fact, the Free Dictionary defines long-term care as “the provision of medical, social, and personal care services…to persons with chronic physical or mental disorders.”

What classifies your condition as “chronic” and allows you to claim benefits from an Indiana Long-Term Care insurance policy?  You must meet one of these two criteria, as certified by a physician:

  1. For a period of at least 90 days you have been unable to perform at least two Activities of Daily Living (ADLs)
  2. You are suffering from severe cognitive impairment.

In the real world, of course, illnesses are often critical rather than chronic. And even though traditional health insurance does cover cancer, heart attacks, kidney failure, stroke, and even a major organ transplant, rarely are all costs covered. While bills are coming in fast and furious and claims are taking forever to be approved, your illness can cause financial devastation.

That’s when Short-Term Care Insurance is there to deliver a cash benefit when you need it most, paying you benefits over and above any other medical insurance or disability insurance.

Short-Term and Long-Term Care insurance – each has its gap-filling protective function to perform exactly when needed.  But that’s the thing – insurance must be purchased BEFORE it is needed.  Knowing you’re protected allows you to focus on recovery!

For more information on health insurance options, click HERE.

~ Elise

Advertisements

Care to Comment?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s