We have many preconceived notions about the situation and all the stresses that can be put on families with a loved one who needs this specialized care. The insurance industry has responded with a product designed to help with the financial implications of long term care for a loved one. Long term care provides funds should the insured person required long term care. The coverage varies between companies and we will outline some of the features, which are significant in the analysis of a long-term care policy. First of all is the condition that triggers the coverage.
Most policies define the activities of daily living as a trigger.
The trigger will be the inability to do a specified number of these activities, perhaps two of six or three of six. Another trigger may be Cognitive Impairment, a disease which may not physically prevent the activities, but which impairs mental function. Or a doctor s certification of medical necessity for specialized care might also be covered by some policies. Most policies will then provide the benefit for care in a long-term care facility after a specified waiting period. It is also possible to find policies that will pay the benefit or a portion of it for professional care rendered at the insured s home, without confinement in a facility.