Tennessee Long Term Care Insurance | TN LTC
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For The Long Run - Tennessee Long Term Care Insurance
It is an established fact: people now are living longer than before. From the early 20th century until the 21st century, the world average in life expectancy has shot up from 31 years to 67 years of age. In developed countries, the number is still much higher; Japan holds the number one spot as the nation with the highest life expectancy in the world at 83 years of age, while the United States' life expectancy is 78 years. A longer life doesn't seem bad, but with it comes problems of old-age. Some problems can be short-term, others can be long-term.
Tennessee ranks rather low among the American states, coming in at 45th of 50 states holding an average life expectancy of 75.3 years, a few years below the nationwide mean. Tennessee Long term care covers illnesses that are, as the name suggest, long term. Such illnesses are referred to as chronic, which is a disease or health condition that is long-lasting, whereas its counterpart short-lasting illnesses are called acute. A chronic illness is usually distinguished from acute illnesses by lasting longer than three months. Example of chronic illnesses includes asthma, cancer, diabetes, and HIV/AIDS.
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Long-term care will provide both medical and non-medical needs. Medical needs include medication and hospitalization, while non-medical needs can cover everything from assistance with eating, dressing, or using the bathroom. Eligibility for long-term care benefits can be triggered from the inability to perform daily tasks. The number of daily tasks and the length of time can vary amongst different policies. For example, policy A may define six specific daily activities while policy B may define eight, however it may not mean that an individual is more easily eligible for policy B as policy A may require an individual to be prohibited from performing three of six of their listed daily tasks, while policy B requires four of eight. This means that both policies require an individual to be unable to perform half of their specified daily activities, making both policies equally as likely to become eligible for. Another trigger can be from the results of a test of an individual's mental ability to detect any cognitive impairment. A doctor’s certification of long-term care necessity may be accepted by some policies. Age is not necessarily a determinant for those who require long-term care, as chronic illnesses can occur from a young age as well. In fact, 40% of people receiving long-term care are between 18-64 years of age. Therefore, old-age is not always a trigger for being eligible to long-term care, although many of the chronic medical conditions listed above come with old-age.
Tennessee Long Term Care Policy Benefits
Long-term care insurance policies cover areas which government insurance programs such as Medicaid and Medicare do not extensively cover, as these programs generally cover for more short-term medical conditions. Long-term care insurance will help cover the costs of long-term care, including home care, assisted living, adult daycare, and nursing home facilities. Being able to receive care from an individual’s very own home with the help of an assistant makes long-term care popular for those that want to avoid public facilities such as nursing homes. Also, being able to hire a helper will not put the burden of caretaking upon family members, which some individuals may feel uncomfortable with.
There are a number of things to look for when it comes to long-term care insurance. Policies should provide at least one year of nursing home or home care coverage not limited to skilled care. Skilled care encompasses care that requires a skilled individual such as doctors and nurses, while unskilled care covers help with activities such as eating or dressing which do not require helpers with any particular discernible skill. Policies should also cover for Alzheimer’s disease and other late on-setting diseases, in case the policyholder develops it. There should be no requirements such as individuals first needing to be hospitalized before qualifying for nursing home benefits, or individuals first needing to receive nursing home care before home care. Other factors to watch for are relevant across all insurance policies: an option for inflation protection, a general outline of what the policy covers, limits, and excludes, an assurance for renewability, and a guarantee that the policy won’t be cancelled or terminated.
Common exclusions that policies include are injuries resulting from war, injuries resulting from suicide attempts, injuries related to alcoholism, drug abuse, or tobacco use, and injuries covered by other medical insurance policies such as Medicare. Also, in line with other insurance policies, there is a certain period of time which must pass from the date of purchase until the date that the policy can take effect. These act similarly to deductibles, but are called "elimination periods" in long-term care policy words. Usually they are around 90-days long, but can range from 20 to 120 days. The shorter the elimination period, the more expensive the premiums are. Policies may also offer a premium waver option, which waives payment for your premium until you become eligible for coverage at which point you restart to pay, as long as you have covered the elimination period requirement. For example, you register for long-term care insurance at the age of 50, and pay your premiums for however long your elimination period is. You stop paying premiums after your elimination period, and only pay them again as you become eligible for long-term care.
Long Term Care In Tennessee
Since the Deficit Reduction Act was passed by congress in 2005, states have been allowed to establish partnership programs between the government’s Medicaid system and local long-term insurers. In Tennessee, long-term care insurance partnerships have been present since October 1 of 2008. The workings of the partnerships are simple to understand. Any resident of Tennessee can participate in the program. Participation begins with applying for a policy with an insurance company qualified for the partnership. If an individual receives benefits from the long-term care policy, these benefits will not count when determining their eligibility for Medicaid. In other words, whatever benefits are common between long term care insurance and Medicaid insurance will be considered as shared and therefore the individual need not pay twice for the same benefit. For example, if an individual qualifies for nursing home benefits in their long-term care policy, any nursing home costs in their Medicaid policy is deducted therefore they only pay once for benefit. Not all companies are qualified for the partnership, so buyers should be aware before purchasing policies from a company.
Call us today at 866-314-2747 or fill out the form at the top of the screen for a free Tennessee Long Term Care Insurance quote and needs assessment.