A guide to understanding and obtaining long term care insurance
Long term care insurance benefits are payments that cover the cost of care for people who need help with daily living activities due to chronic illness, injury, disability, or aging.
Long-term care insurance benefits can help pay for services like home health care, assisted living, nursing home care, adult daycare, hospice care, or respite care.
Long term care insurance benefits can vary depending on the type and amount of coverage, the eligibility criteria, the waiting period, the benefit period, the inflation protection, and the exclusions and limitations of the policy.
Who needs long term care insurance benefits?
According to the U.S. Department of Health and Human Services, about 70% of people over age 65 will need some form of long-term care during their lifetime, and 20% will need it for longer than five years.
Long term care insurance benefits can provide financial security and peace of mind for people who want to protect their assets and income from the excessive cost of long-term care, which can range from $50,000 to $100,000 per year or more.
Long-term care insurance benefits can also give people more choice and control over the type, quality, and location of care they receive, and the ability to preserve their dignity and independence.
How to get long term care insurance benefits?
The best time to buy long term care insurance is when you are in good health and younger, as the premiums are lower, and you are more likely to qualify for coverage.
To get long term care insurance benefits, you need to apply for a policy from a licensed and reputable insurance company and undergo a medical underwriting process that may include a health questionnaire, a physical exam, and a review of your medical records.
You need to compare different policies and options, and choose the one that best suits your needs, budget, and preferences. You should also review the policy carefully and understand the terms and conditions before signing it.
You need to pay the premiums on time and keep the policy in force, as lapsing or canceling the policy can result in losing the benefits and the premiums paid.
You need to file a claim with the insurance company when you need long term care services and provide proof of your eligibility and the cost of care.