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Long term care is provided to people who need help with activities of daily living (ADL's) such as bathing, continence, dressing, transferring, toileting or eating or long TC is provided to people who need substantial supervision due to a cognitive impairment.
Many people believe that the need for Long Term Care could not happen to them however it is estimated that more than 13 million people in the US need Long Term Care(1.) and of that close to 40% of people needing Long Term Care are working aged adults(2.). With these statistics you can see why it is important to buy LTC Insurance at a young age prior to retirement. According to the AARP it is best to purchase a policy when you are middle aged, this is when you are more than likely to be eligible and when the premiums are going to be lower.
How to Qualify for Long Term Care Insurance Benefits
Most Long Term Care Insurance policies sold today are considered Tax-Qualified, with a this type of policy you are eligible to receive your benefits when a licensed health care practitioner can verify that you are unable to perform 2 of the 6 activities of daily living (ADL's) for at least 90 days. These include eating, bathing, dressing, toileting, continence, or transferring. Or you suffer from a cognitive impairment such as Alzheimer's, Dementia, Stoke, etc.
Most older policies required one to have a prior hospital stay for 3 days prior to being eligible for benefits. Which makes it harder to receive LTC benefits. As you can see with new policies it would not be too difficult to be eligible for your benefits.
1. "Disability Insurance Provider Unveils Group of Long-Term Care Insurance Options." Biotech Week 01/05/05
2. Georgetown University Long-Term Care Financing Project, "Who Needs Long-Term Care?" 2003