No health insurance covers medical treatments to heal you. Long Term Care is just assisting you to do the activities of daily living such as feeding yourself, dressing, bathing, mobility, and going to the restroom.
There is a whole separate category of insurance (it is in the health insurance group) called LTC or Long Term Care Insurance.
Some health insurance plans will cover treatment in an ECF (extended care facility). The general rule is you must be discharged directly to the ECF following a hospital admission, usually lasting 3 days or longer.
Your ECF benefits are usually limited to 30 - 90 days as an inpatient. Not really what one would consider long term care but more short term care.
Also your major medical plan may cover some home health care visits and private duty nursing.
President, Lane Independent Agency, Southern California
No, Health Insurance DOES NOT cover Long Term Care. Long Term Care needs to be covered through either Long Term Care Insurance, or a Unique Product offered by New York Life called Asset Preserver. New York Life can provide you with Long Term Care Insurance in an extremely large variety of personalized policies, or an Asset Protector which will provide you with Both Life Insurance and Long Term Care in one product. Please call me, Gary Lane, New York Life Agent, for the details that can fit your exact needs.
Enrolled Agent-licensed to practice before the IRS, Samuel N Smith, EA, South Carolina
The Internal Revenue Service expand the tax code in 2005 when they added the Private Pension Act (PPA) to the tax code. This section of the tax code allows individuals to plan for Long Term Care using dollars perhaps they now have in Certificate of Deposits or in an Annuity product. In the case of the money invested in Certificate of deposits, fully taxable, the individual is allowed to use the tax code to invest into the PPA qualified and stop the taxation and if used to pay for qualified health care expenses in the future the dollars are never taxed. The beauty of this section of the tax code is it can be used for even health care costs received in your home. You may diagnosed in the future with a medical condition that requires you to travel to a specilized treatment facility (like Mayo Clinic) and you can pull the costs of that travel from the qualified PPA investment and it qualfies for the tax exemption
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There is a whole separate category of insurance (it is in the health insurance group) called LTC or Long Term Care Insurance.
Your ECF benefits are usually limited to 30 - 90 days as an inpatient. Not really what one would consider long term care but more short term care.
Also your major medical plan may cover some home health care visits and private duty nursing.