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5 Things to Know About Long Term Care (LTC) Insurance

Kris Chana | ,

Do you currently have long-term care insurance? If so, do you remember what services it covers and how to receive the benefits your LTC policy covers? Have you thought about purchasing long-term care insurance for you and your spouse? Here are 5 tips about long-term care insurance: Everyone should ask these 5 questions whether they already have a policy or plan to purchase one.  

  1. What Services Does Long-Term Care (LTC) Pay For?
  • Private In-Home Care (Home Care Agency)  
  • Adult Day Care Center (Senior Day Care Center)  
  • Assisted Living Facility  
  • Skilled Nursing Facility (Nursing Home)  
  1. How do You Qualify? 

Typically, someone will need to demonstrate to a Registered Nurse (RN) that they need help with two or more activities of daily living (ADL’s) which include:  

  • Dressing  
  • Eating (help with eating and feeding)  
  • Toileting (someone who needs help on/off the toilet)  
  • Transferring (someone who needs help in/out of their wheelchair or in/out of bed, etc.)  
  • Incontinence Care  
  • Bathing  
  1. What is an Eligibility or Elimination Period? 

In most cases, you will have to pay for long-term care services out of pocket for 30, 60, or 90 days before the insurance carrier will reimburse you for care.  

  1. How much does Long-Term Care Insurance Pay? 

The amount covered depends on the policy but most policies will have a predetermined daily, weekly, or monthly dollar amount that they pay depending on the policy and the service that is covered by the insurance.  

(For example, a policy may pay $50/day to an adult day care center, $300/week for in-home care, $1,500/month for assisted living, or $200/day in a skilled nursing facility. Each policy is different and the benefit amount will vary depending on the person and the policy purchased.)  

  1. How Long does Long-Term Care Insurance Pay for Services? 

We have seen older policies that include a lifetime benefit which will pay for services until the policyholder passes away. However, most policies will have a 2, 3, or 5-year expiration period others may have a maximum dollar amount covered. To learn more about your long-term care insurance policy, please consult with your insurance professional. 

If you are caring for your mom, dad, spouse, or a loved one, these 5 tips about long-term care insurance will help you make important care decisions. We are here to help! Give us a call at (941) 676-3411 or visit us online at www.ActivAgeCare.com to learn more. 

 

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