IT IS A FACT: Two of every three individuals of 65 years or more, will require some form of Disability Insurance or Long Term Care Insurance for the remaining portion of their life. Statistically the average Long Term Care period is 2.5 years.
WHAT IS DISABILITY AND LONG TERM CARE?
Long Term care is a wide range of services rendered to a person who is incapacitated as a result of a prolonged illness or accident, is also facilitated to elderly persons who suffer a cognitive impairment, such as Alzheimer’s disease and alike, may be provided in different environments depending on the incapacity and desire of the individual and his family.
WHO IS CONSIDERED A DEPENDENT?
A dependent person is an individual who has suffered a loss of his functional capacity or cognitive impairment and requires assistance to perform the activities of daily life.
WHAT IS A DISABILITY & LONG TERM CARE POLICY?
A Disability & Long Term Care Policy is an insurance contract that provides the necessary resources to an individual in order for him to obtain required care.will be suspended as soon as you are incapacitated and the Waiting Period has been discounted.
LEVELS OF LONG TERM CARE
There are three levels of Long Term Care:
1. QUALIFIED LONG TERM CARE:
Qualified Long Term Care services are rendered when the incapacitated person’s condition demand permanent medical attention by qualified personnel such as doctors, nurses and therapist. These services are normally prescribed by a physician as part of a supervised treatment. And normally are provided in a hospital or other nursing facility.
- INTERMEDIATE LONG TERM CARE:
Is rendered to individuals, who’s physical and mental condition does NOT require permanent medical attention. The patient requires a sporadic or programmed visit by nurses or alike who provide physical therapy or shots. This type of care is normally given to individuals confined in a Long Term Care Facility, Assisted Living Facility or Retirement Home.
- BASIC LONG TERM CARE OR HOME HEALTH CARE:
Home health care is geared to help the individual perform the activities of daily life such as bathing, dressing, feeding, toileting, transferring, and continence. As well as the daily care of individuals who have suffered cognitive impairment such as Alzheimer’s
disease. This type of care is given by home health care providers and others who do not necessarily have medical or nursing training. Home Care is the most common among the elderly. It is normally offered by persons close to the family or social workers with a
high degree of affection to the incapacitated. Basic Long Term care is provided in the home of the incapacitated or in day care facilities, residences for the elderly, or retirement homes.
WHAT IS THE COST OF AN INCAPACITY?
The daily cost of care due to incapacity will range between US$ 30 and US$ 150 depending on the city and country. An incapacity that prolongs for a 4 year period may cost a family up to US$ 120,000 without medication and additional costs. Remember when the purchase of your home was the most significant investment of your life? Currently the care of your incapacity may exceed the value of your estate!
HOW WILL YOU PAY FOR YOUR INCAPACITY AND WHAT ARE THE CHANCES OF IT HAPPENING?
If you have a solid estate you should calculate how an incapacity can impact it. Calculations should include daily costs and additional expenses for an indefinite or prolonged period of time. According to the National Association of Insurance Commissioner (NAIC) 70% of single individuals and 50% of couples; where one falls in incapacity, suffer a significant economic loss. It is proven that in the case of a 65+ year old couple, normally the first to fall in incapacity is the man. In the majority of cases the estate of the couple is severely affected. Eventually all those years of hard work and savings vanish, as the incapacitated dies, leaving the survivor without a solid estate and running the same risk.
YOUR CHILDREN OR CLOSE RELATIVES
Ask yourself honestly. Do your children or close relatives have the financial capacity and solvency to assume that risk? Would you like to depend on your children and their spouses in such condition? It is natural that the desire of every family is to protect their own. The last thing we desire is to see our elderly or young incapacitated secluded in a retirement home or other rehabilitation center. The financial and emotional burden on the care giver and his family are enormous. Feelings of stress and guilt as well as loss of quality time for work and rest will be suffered by the care giver. In extreme cases, everybody suffers when the incapacitated parents are obliged to share their living space with their sons and their families.
HEALTH POLICIES AND GOVERNMENT PROGRAMS
Health policies are designed to pay for medical expenses and those related to the medical recuperation of the insured. Health policies in general do not provide resources or coverage for the daily care of the incapacitated. The government does not have the organization or resources to solve the problems of the incapacitated. Only governments such as Germany and Norway have social security programs that give custody to the long term care needs of their citizens. In the United States long term care needs are provided by private insurance policies. We has designed the first International – Long Term Care policy for Latin America
HOW DOES WORK?
Our Policy is a policy where your age and health determine its cost. These two factors in combination with the following variables will determine the cost of the premium and benefit:
WAITING OR ELIMINATION PERIOD (DEDUCIBLE)
Are a number of days in which you will pay for your own care BEFORE the benefits of the policy apply. The waiting period may be compared with the deductible of a health
insurance contract. You can select a waiting period of 30, 60 or 90 calendar days.
Is the amount of money that you or the designated person will receive daily to pay for your custody and long term care. You may select a daily benefit of US$ 30, $40, $50, $60, $70, $80, $90, $100, $110, $120 $130, $140 or $150 a day. The daily benefit will be paid at the end of every calendar month.
Is the period of time in which BMI will pay for benefits. You can select a Benefit Period of 3, 5, 7 or 10 years.
WHEN DO BENEFITS BEGIN?
You qualify for benefits when you are unable to perform without assistance 2 of the 6 activities of daily life or show symptoms of having suffered cognitive impairment.
WHICH ARE THE ACTIVITIES OF DAILY LIFE?
Bathing Dressing Feeding Toileting Continence Transfering
WHO WILL CERTIFY THAT YOU QUALIFY FOR BENEFITS?
BMI has contracted “Care Coordinators” in your country. These health care professionals will visit you in your residence or place of care. They will evaluate your condition and will certify your incapacity. The Care Coordinator will also design a “Plan of Care” to optimize your recuperation and well being.
HOW CAN YOU GET THE INSURANCE?
Your insurance agent will explain the details of this program. He will assist you in processing the application and will determine the necessary documentation needed to certify your health.
HOW DOES THE PLAN WORK?
Works in many aspects like a medical policy. We will certify the incapacity thru its Care Coordinator. Once the selected waiting period is over, the insured should follow the Plan of Care. The company will pay on a monthly basis the daily benefit of all eligible expenses.
WHAT LEVELS OF LONGTERM CARE DOES THIS POLICY COVER?
The policy will cover all three levels of long term care; Qualified, Intermediate or Basic and by the provider that you or your family select. The “care giver” may be a family member or a close person to the insured
HOW CAN YOU PAY FOR THIS POLICY?
There are several payment modes. Level premium for life, 10 year level premium and level premium to age 65. All premium payments will be suspended as soon as you are incapacitated and the Waiting Period has been discounted.
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