Long Term Care Insurance Essay
Long Term Care Insurance: what is it? How does it Work? Individual / Group? Policy types and characteristics? ADL triggers? Consumer utilization? Taxation?
Answer:
Long Term Care Insurance is a kind of insurance product that sold in the USA, UK and Canada. The main purpose of it is to help or provide the cost of long–term care that is spent in a predetermined period. This kind of insurance covers generally care not covered by health insurance, Medicaid and Medicare. Persons of all age group can use it because age is not a determining factor when talk about the need for long-term care
The policies of long term care insurance are very different in term of other insurance policies that’s why at the individual level it is difficult to examine the individual policy. According to this policy, …show more content…
Type of policies
In USA these two types of long term care policies are offered
• Traditional policies: these are very common policies that are offered like automobile insurance (its premiums, are paid on continues basis) If this policy is unused then no premiums are returned.
• Combination or Hybrid policies: these policies are the Combination life and long term care insurance. In this type, the Premiums are normally paid on a one-time basis (the period of it is two to ten years). If anyone cannot use it then premiums returned in the shape of a tax-free life insurance benefits.
ADL Triggers
The Bathing or washing, Dressing, eating, and feeding oneself through plate, cup, table, or by a feeding tube, or intravenously, ¬ unable to maintain control of bowel or bladder function, the ability to perform activities of personal hygiene, including caring of a catheter or colostomy bag, toileting," getting to and from and getting on and off the toilet, performing associated personal hygiene functions. Transferring, moving into and out of a bed, chair, or wheelchair and etc. (Richard A. Dulisse,
Answer:
Long Term Care Insurance is a kind of insurance product that sold in the USA, UK and Canada. The main purpose of it is to help or provide the cost of long–term care that is spent in a predetermined period. This kind of insurance covers generally care not covered by health insurance, Medicaid and Medicare. Persons of all age group can use it because age is not a determining factor when talk about the need for long-term care
The policies of long term care insurance are very different in term of other insurance policies that’s why at the individual level it is difficult to examine the individual policy. According to this policy, …show more content…
Type of policies
In USA these two types of long term care policies are offered
• Traditional policies: these are very common policies that are offered like automobile insurance (its premiums, are paid on continues basis) If this policy is unused then no premiums are returned.
• Combination or Hybrid policies: these policies are the Combination life and long term care insurance. In this type, the Premiums are normally paid on a one-time basis (the period of it is two to ten years). If anyone cannot use it then premiums returned in the shape of a tax-free life insurance benefits.
ADL Triggers
The Bathing or washing, Dressing, eating, and feeding oneself through plate, cup, table, or by a feeding tube, or intravenously, ¬ unable to maintain control of bowel or bladder function, the ability to perform activities of personal hygiene, including caring of a catheter or colostomy bag, toileting," getting to and from and getting on and off the toilet, performing associated personal hygiene functions. Transferring, moving into and out of a bed, chair, or wheelchair and etc. (Richard A. Dulisse,