Frequently Asked Questions for
Long Term Care
Please review the Frequently Asked Questions already submitted and answered for
this division. If you require further assistance, you may elect to submit a new
question to this division staff.
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Is there a Long Term Care guide available, if so how can I get one?
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Yes, a Long Term Care Insurance Comparison Guide is available. To request one you may call 1-800-259-5301 or (225) 342-5301. Or, you may go to www.ldi.la.gov/office_of_health/shiip/GuideLongTermCare.pdf to view our long term care comparison guide.
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Is there a way to check on the financial stability of a company I am considering buying a Long Term Care policy from?
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Yes. It is important to make sure the company is licensed in Louisiana. In addition, several private companies or rating agencies conduct financial analyses of insurance companies and rate them. These ratings carry no guarantee of accuracy but can provide you with information on how some analysts view the financial health of particular insurance companies. Different agencies use different rating scales, so be sure to find out how the agency labels its highest ratings as well as the ratings for the companies you are considering. Ratings from some agencies are available at most public libraries, or you can call the agencies directly at the numbers below. (Note that there will be an extra charge on your telephone bill for calls to a â??900â? number.)
· Best Company- (900) 555-BEST or (800) 424-BEST or at www.ambest.com
· DeMotech, Inc.-(614) 761-8602
· Duff & Phelps, Inc.-(312) 368-3157 or at www.dcreco.com
· Fitch Investors Service- (212) 908-0500 or at www.fitchbaca.com
· Moodyâ??s Investors Service- (212) 553-0377 or at www.moodys.com
· Standard & Poorâ??s- (212) 208-1527 or at www.ratings.standardpoor.com
· Weiss Research, Inc- (800) 289-9222 or at www.weissinc.com
Additionally, the Financial Division of the Louisiana Department of Insurance keeps information and filings on each company and can let you know if a company is licensed and in good standing with the Department. You may contact the Financial Solvency Division at 1-800-259-5301.
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Who may need Long Term Care Services?
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Your need for long-term care may begin gradually as you find that you need more and more help with your activities of daily living, such as bathing or dressing. On the other hand, you may suddenly need long term care after an illness, such as a stroke or heart attack. If you do need care, you may need nursing home or home health care for only a short time, or for months, years or for the rest of your life. Although it is difficult to predict if and when you may need care, the following studies may help you evaluate
your need.
· One national study projected that 43% of people who turned age 65 in 1990 will go to a nursing home sometime in their life. This study reported that among people living to age 65, 1 in 3 would spend three months or more in a nursing home. About 1 in 4 will spend one year or more and 1 in 11 will spend five years or more in a nursing home. This study shows that 2 out of 3 people will either never go to a nursing home or will spend less than three months in one. Based on these projections, it is much more likely that you will need home health care than nursing home care.
· Women are more likely to need nursing home care than men are. The same study indicates that 13% of women will spend five or more years in a nursing home. Only 4% of men will be in a nursing home five or more years.
· As you grow older, your risk of needing nursing home care also goes up.
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How much does Long Care Cost?
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Long-term care can be expensive. The cost will depend on the amount and type of care you need and where you get it. In 2001, the national average cost was more than $54,900 for a year of nursing home care. In Louisiana, the average cost is less than the national average. If you receive skilled care in your home by a visiting nurse for two hours each visit, three times a week, the bill would be about $19,300 per year. Personal care in your home from a home health aide, three times a week, two hours each day would cost about $10,600 per year.
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What is Long Term Care?
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Long-term care involves a wide variety of services for people with a long physical illness, a disability, or a cognitive disorder (such as Alzheimerâ??s Disease). Long-term care includes many different services that help people with chronic conditions overcome limitations that keep them from being independent. Long-term care helps one maintain his or her level of functioning, as opposed to improving or correcting a medical condition. Long-term care services include, but are not limited to, help with activities of daily living, home health care, respite care, adult day care, nursing home care and assisted living care. If an individual has a physical illness or disability, they will often need hands-on help with their activities of daily living (ADLs). These ADLs are usually referred to as: bathing, continence, dressing, eating, toileting and transferring. If someone has a cognitive impairment, they will usually need supervision, protection, or verbal reminders to do their everyday activities. The way long-term care services are provided will continue to change. However, skilled care and personal care are still the terms most often used to describe long-term care and the type or level of care you may need.
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