Question

Does long term care financing of nursing care incentivize improving the quality of life or the length of life ?

Answer 1

The purpose of long term care insurance is to pay for services in a long term care facility such as custodial care, skilled nursing care, intermediate care, or hospice care. Long-term care insurance is a kind of policy which helps pay for long term care and unlike Medicare and Medicaid.

Long term care is the care provided for people who because of injury, age or disease are unable to carry out basic tasks required for living like eating , bathing etc. Most long term care is provided by nursing homes and assisted living facility but also includes home healthcare , intermediate care, housing for the aged etc. Most long term health care is very expensive especially if the care is provided by nursing home or assisted living facility.

Long-term care insurance pays a daily or monthly benefit for medical or custodial care in a nursing facility or at home Most policies pays benefits in the form of reimbursement - the policy pays for actual expenses incurred upto the policy limits and the benefits are tax free. Some policies pay daily benefit that is a specified amount irrespective of the actial amount spent. Because of the expense , long term care insurance is expensive. Most policies guarantee renewal , so they cannot be cancelled except for non payment of the premium or if the insurer provides wrong information to the insurance company.

Long-term care services helps people in maintaining or improving an optimal level of physical functioning and quality of life which is required for living. The help can be included either from other people or from special equipments/ devices made for this propose. The long term health care services are mainly categorized in two parts one is Assistance of activities of daily living (ADLs) and another is Instrumental activities of daily living (IADLs).

1. Assistance of activities of daily living (ADLs) which includes -

Help in walking

Help is taking Bath

Help in feeding

Dressing

Help is using the toilet

Helping in managing pain

Help in preventing unsafe behavior

Providing physical or occupational therapy

2. Instrumental activities of daily living (IADLs) which includes –

Housework

Managing money

Preparing and cleaning for meals

Shopping of daily necessities

Helping in medication

Adult foster care

Assisting in other living facilities