Long Term Care Insurance
Description
Long Term Care Insurance provides tax-free cash if an individual requires a nursing home stay or home health care services.
Objective
To help offset the costs incurred for long-term health care received whether in a facility or in the individual's own home.
Suitability
Suited for any individual over age 40 who is concerned about the impact a need for long term care would have on their financial situation, as well as concerned about receiving appropriate care where and when they need it.
Features
- Daily Benefit Amount: Generally between $20 and $300 per day of care.
- Maximum Benefit Limit: This is the period of time that daily benefits will be payable. Periods typically range from about 2 years to unlimited.
- Elimination Period: This is the period of time when no benefits are payable, generally 0 to 90 days.
- Activities of Daily Living (ADLs): If a person is unable to perform two or more ADLs, he or she becomes eligible to receive benefits. Activities of Daily Living are bathing, continence, eating, dressing, toileting and transferring.
- Cognitive Impairment: Benefits are payable if a person becomes cognitively impaired. This is defined as the loss of mental capacity: inability to think, perceive, reason or remember.
- Covered Benefits: These are the common areas of care that are covered: Long Term Care Facility Care, Home Care, Home Health Care, Adult Day Care, Hospice Care, Respite Care, Durable Medical Equipment and Emergency Response System.
- Waiver of Premium: This is a built-in feature that allows the premium to be waived after 90 days of receiving care.
For more information, please contact your Edward Jones financial advisor*.
Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec) Inc.
