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

Do you currently have long-term care insurance? If so, do you remember what services it covers and how to receive the benefits your policy covers? Have you thought about purchasing long-term care insurance for you and your spouse? Here are 5 questions everyone should ask about Long Term Care Insurance whether they already have an LTC insurance 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)  

2. How do You Qualify for Long Term Care Insurance? 

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  

3. 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.  

4. 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.)  

5. 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, we are here to help! Give us a call at (941) 676-3411 or visit us online at www.ActivAgeCare.com to learn more.