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Disability & Long Term Care
By 2060, there will be 98 million people aged 65 and older, constituting an estimated 24 percent of the country's population. Understandably, as we age and our likelihood of becoming disabled rises, more people are beginning to carefully consider their insurance needs. By addressing the anticipated financial demands associated with aging, long-term care insurance as well as individual and group long-term disability insurance can offer peace of mind.
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Nevertheless, not only the elderly can benefit from long-term care and individual or group long-term disability insurance. Accidents happen, and occasionally we find ourselves in need of long-term care sooner than we anticipated.
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Individual or group long-term disability insurance policies and long-term care insurance provide very different levels of protection. Individual and group long-term disability insurance frequently get confused with long-term care insurance because handicapped persons frequently need both short-term and long-term care. However, the benefits offered by long-term care insurance and long-term disability (individual and group) policies vary.
Long Term Care
Individual and group long-term care insurance covers expenses related to care that you may need when you cannot or need extra assistance caring for yourself. Long-term care insurance kicks in when a person can no longer perform at least two of six “activities of daily living” such as basic hygiene, dressing, eating, using the bathroom, getting in and out of bed, or walking around.
A long-term care policy will generally pay for the costs and expenses associated with necessary care that isn’t covered by most health insurance policies. This could include in-home nurse visits, extended stays in a nursing home or rehabilitation facility, hospice care, or any other expenses incurred to perform these activities of daily living.
Disability Care
Individual and group long-term disability insurance provides an income replacement payment, unlike a long-term care coverage. In other words, both individual and group long-term disability insurance covers the loss of income brought on by a long-term disability that makes it difficult for you to consistently carry out the crucial tasks associated with your line of work with reasonable continuity and in the conventional manner.
Your individual and group long-term disability insurance benefits may be used to pay for any necessary living expenditures, not only medical or daily care. Individual and group long-term disability insurance policies normally pay out 50 to 60 percent of your pre-disability income.