Overview
Long term care insurance was first introduced in the early 1970’s to provide limited benefits in skilled nursing facilities. Several generations of products have since evolved into today’s comprehensive policies. Long term care policies now include benefits for a broad range of care environments and provide additional enhancements to improve your overall quality of care.
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Care Setting
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Type of Care
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Care Enhancement
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Skilled Nursing Facility
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Skilled Nursing
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Case Management
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Assisted Living Facility
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Intermediate Nursing
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Caregiver Training
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Home Health Care
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Custodial Care
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Durable Medical Equipment
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Community Based Care
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Informal Care
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Meals on Wheels
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Alternate Plan of Care Arrangements
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Homemaker / Companion Care
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Medical Alert Systems
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Adult Family Homes
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Speech, Occupational, Respiratory Therapies
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International Benefits
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Adult Day Care
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Ambulance Benefits
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Stay-at-Home Cash
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Respite Care
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Home Modifications
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Additionally, you can customize your policy to meet your specific benefit and budget needs. You can vary the amount of coverage, length of benefits payments, deductibles, care settings where benefits are paid and even add the ability to pay family and friends who provide care!
Today, over 8 million Americans are protected with long term care insurance, and in 2007 over $3.5 billion in claims were paid1—with an increasing proportion of benefits paid toward home health care and assisted-living, with traditional nursing facilities now receiving less than half the total.
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Percentage of Claims Paid For Individual Policies1
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Home Care
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43%
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Assisted Living
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33%
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Nursing Facilities
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24%
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1. American Association for Long-Term Care Insurance, 2008 Sourcebook.