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Long-Term Care Insurance

May 23, 2017

First and for most, this post is not to persuade people looking for long-term insurance to go with one company or another, this post is to inform people of what long-term insurance is and what it can do for people in need of it. As the years go by the cost of living goes up and so does people's age, the number one question asked by those of an older demographic is 'how can I afford home care, nursing home or assisted living?' Although we think of long-term care as only needed for the elderly it can be needed by anyone who can no longer independently perform basic needs such as bathing, eating or dressing due to an illness, injury or cognitive disorder. The care can be provided by private homes, assisted living, adult day care, hospice or nursing homes.

Long-term care insurance is eligible for those who are between ages 40-84, if you have assets you would like to protect if you can afford premiums now and in the future or are in good health and are insurable. Long-term insurance starts by paying a premium and when the benefits start the customer determine a plan of how much they would like to spend per day, week or month. Most policies provide certain physical or mental impairment triggers, most of this is determined by assessment from a nurse or doctor and determined by the insurance company how many benefits the customer will receive. Before making decisions on what insurance policy to go with the customer needs to do research and look around at what each company has to offer. Here are some things to look for when making a decision.

The elimination period is the first thing to look at, this means how long will it be before the insurance company pays out this can be 20 days to 100 days, it is the waiting period. Duration of benefits, how much money will the insurance company pay out, how long will the company pay out or the max benefits the customer can receive. Daily benefits are the about the insurance company will pay per day typically $50-$350. Optional inflation rider, protection from the rise of prices due to the level of care. The range of care, will they only pay out to nursing homes or will they pay to private facilities as well. This is the coverage of different levels of care too such as skilled or full assist. Exclusions of the plan like certain conditions not covered such as dementia or Parkinson's disease. Guaranteed renewability which is the opportunity to renew the policy and maintain your coverage despite any health changes. Lastly, prior hospitalization, whether you have to be admitted to a hospital before the benefits will start.

Long-term insurance is expensive but if customers purchase their policies early the lower the premium will be. In the long run, the insurance is worth the money because it takes off the stress of wondering how you will afford a nursing home, assisted living or private home. 

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