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Long Term Care Insurance
Commonly referred to as Nursing Home insurance, but that is somewhat of a misnomer.  Most Nursing homes generally have some type of medical professional on staff.  Long term care insurance does not cover the cost of a doctor or nurse, but rather someone who can assist you with what is commonly referred to as activities of daily living (ADL’s).  Generally, these activities include bathing, eating, dressing, transferring and toileting.  For an insured to claim benefits, they usually must require assistance with two or more ADL’s.  In the absence of Long Term Care insurance, only Medicaid and out of pocket dollars will fund this need.  However, to qualify for Medicaid, you must be indigent.