I often run into people who do not know much about long-term care insurance and the benefits it can provide. Here, I will give you an introduction to it in the hope that you can have a better understanding of it and can make more informed decisions in the future. In this space, my fellow bloggers and I will often discuss how you can make more informed decisions to save money and improve the care you or your loved one receive.
Long-term care insurance is purchased to cover the costs of long-term care services which are not covered by most health insurances, Medicare, or Medicaid. Pricing for policies depends on the wide array of care options and benefits you want to be covered by, and by the settings in which you want to receive this care. Pricing is also determined by your age and current health.
The long-term care insurance policy you buy will either have a benefit period or a lifetime benefit maximum. This lifetime benefit maximum will give you a maximum amount of time or dollars that your insurance company will cover. With all policies, you will pay an annual, pre-determined premium, which usually is waived when you start receiving benefits.
With most policies, you will start to receive benefits when you need help with activites of daily living or you need assistance because of a severe cognitive impairment. Such activities of daily living include dressing, bathing, eating, toileting, continence, transferring, and walking.
So that is a quick summary of how long-term care insurance functions. Please feel free to ask any questions you may have in the comments section, and I will be happy to answer them for you. Thanks!
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