Why are there no long term care insurance policies to fit my needs?

1 answer | Last updated: Oct 02, 2016
A fellow caregiver asked...

my concern is forgetting names--or phone numbers. I do not have physical problems (like being unable to bathe myself--or use the toilet) Why is there NO help from Long term Care insurance policies for individuals who might forget, or, might take too many of their prescriptions pills. Why is this danger less important than being able to take a bath or pee.

Expert Answers

Duane Lipham is a certified long-term care (CLTC) consultant who writes extensively on long-term care insurance issues. Lipham has also been a caregiver for members of his own family.

Actually most long-term care insurance policies sold today do provide funds for care that may result from cognitive issues like Alzheimer's, dementia, and senility when it reaches the point that supervision is required.

Most policies require that the severity of a cognitive issue be determined by a "licensed healthcare practitioner" who certifies that in their professional opinion long-term care services for such cognitive issues will be needed for at least 90 days.

Long-term care insurance for memory loss in it's early stages is not usually provided because there is no need for actual supervision or care at that point.

But when a policyholder's cognitive issues reach the point where someone is needed to assist, a long-term care insurance policy that covers this kind of care will be most appreciated as the cost of such care can be very expensive.