[Health Insurance] 34, Long-Term Care Insurance Fundamentals
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
That standard health insurance and Medicare do not cover long-term custodial care, creating the need for LTC insurance.
The distinction between the three levels of care: Skilled (24/7 medical professional), Intermediate (intermittent skilled care), and Custodial (help with ADLs).
Why custodial care, assistance with Activities of Daily Living like bathing and dressing, is the most common type of long-term care.
The different settings where LTC services can be delivered, including nursing homes, assisted living, home health care, and adult day care.
A simple mnemonic, 'S-I-C' (Skilled, Intermediate, Custodial), to remember the levels of care from highest to lowest medical intensity.
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