Long-Term Care Insurance
In order to obtain long-term care insurance you would fill out an application and answer a series of health related questions. You may also need to conduct a phone or in person interview. You would then select your desired level of coverage and insurers will assign a maximum amount to be paid out daily and throughout your lifetime. You would then begin paying your premium amount following your approval. When it is time for you to make a claim your insurer may request a medical evaluation before approving your claim.
Your policy may have a waiting period for when you may be eligible to receive benefits and you should be eligible given that you cannot perform two or more “activities of daily living,” or ADLs. Dementia or other cognitive illnesses may also qualify you to receive benefits.
Some common ADL’s include:
- Caring for incontinence
Cost of long-term care insurance
The cost of your individual long-term care plan will vary based on many factors however here are some of the most common factors to consider:
- Health status
- Marital Status
Finding a policy that is affordable and right for you is certainly possible and can be made even simpler when working with a licensed and unbiased professional. You should shop the market and compare insurers to find which coverage is best for you. You should also ask adequate questions regarding the policy to find out what is included and what type of process you can expect when paying premiums and even accessing benefits later. If you or someone you love is interested in Long Term Care or Long Term Care Insurance be sure to visit: LTC TREE for more information.