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Choosing a Long Term Care Insurance Plan

Choosing a Long Term Care Insurance Plan

Long-Term Care insurance (LTC or LTCi)

Long Term Care insurance is an insurance product that helps provide for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance or Medicare.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Age is not a determining factor in needing long-term care. About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. About 40 percent of those receiving long-term care today are between 18 and 64. Once a change of health occurs long-term care insurance may not be available. Below is information of how a Long Term Care insurance policy is designed, you may also request free material about Long Term Care insurance.

Factors when designing a Long Term Care insurance (LTCi) policy

HealthCare Benefit Services understands that it can be intimidating trying to create the appropriate Long Term Care policy for you, our job is to help you understand the essential factors when building a Long Term Care policy. Then you can make the best decisions. Reading about real stories from families who have experience with Long Term Care will also give you a better understanding of why Long Term Care policy would benefit you and your family. We are counselors and advisors. Besides the age and health of you and/or your spouse, these are the other factors to carefully consider when creating a Long Term Care policy:

How Much? – Daily or Monthly Benefit Amounts

  • How much coverage do I need?
  • What if the cost of care increases?
  • What is the cost difference between Home Care and Nursing Facilities?

How Soon? – “Elimination” or “Waiting” period

  • When do I receive funds once I need care?
  • How will I pay for care before I receive monies?
  • Do I need more than one elimination period?
  • What is the difference a between Date of Service and Calendar Day elimination period?

How Big? – Pool of benefits

  • How long do I need my coverage to last?
  • Do I need a limited pool?
  • What is a “shared care” pool?
  • Are there any state laws that can benefit me?

How Fast? – Inflation Benefit Increase (COLA)

  • What are my inflation protection options?
  • How much will the cost of care increase in the upcoming years?
  • What is the difference between CPI, GPO, Compound and Simple protection options?

How Broad? – Coverage Area

  • What if I move?
  • Where will my coverage pay?
  • What if I have an emergency while traveling?

How Flexible? –How benefit funds are received

  • Can my family members receive benefit funds?
  • What is the difference between CASH, Indemnity, and Reimbursement options?
  • What kind of care is NOT covered?
  • How stable is my insurance company?

While these are key factors before deciding which policy is right for you, many other factors must be considered including state laws that will affect your policy. Let our Long Term Care experts answer your questions and explain how each option affects you. Or order your Free Long Term Care Shoppers Guide. Our goal is to educate you so you can make the right decisions for you and your family. “We are problems-solvers not policy peddlers.”

Long Term Care Planning: What Plan is Best for You?

It is important to understand why a Long Term Care policy would benefit your needs before purchasing a policy. Not everyone needs a policy but everyone needs a plan; these questions will help you determine if Long Term Care insurance is right for you.

Today there are many new types of policies to consider when determining the best plan for you.

  • Traditional LTCi
  • Asset Based plans that are life insurance or annuities that help fund your care and if you never need care you get your money back!
  • Short Term policies that help with cash flow and help assist in filling the holes your health insurance or Medicare have.

Questions to consider:

  • Have you ever known anyone who needed help with the physical and mental challenges of growing older? How did it affect the family?
  • If you needed help, who would lend a hand?
  • How would LTC expenses change your lifestyle? Your spouse’s?
  • Do you know what your current health insurance provides for Long Term Care?
  • If you get sick, is staying in your home important to you?
  • How do you feel about living with your children?
  • Would you be willing to move when you need care?
  • How is the insurance company rated?

Let Us Help You

Long Term Care Planning

There is no fee for our services. If you choose to work with us we receive a commission from the plan you choose.