Long term care insurance is insurance deigned to help shoulder the steep costs associated with long-term care such as paying for assisted living, nursing home care, or home health care. This insurance is built with those who will one day require assistance due to disability, age, or a chronic condition, in mind. If you consider the fact that 70% of those 65 and over will require some form of long-term care, then you understand the need for long-term care insurance.
Long term care offers assistance with many daily living activities and is usually required by those in need of assistance with two or more daily living activities. These activities may vary from simple to more complex but include: dressing, bathing, food prep, transportation, eating, medication, toileting, and more. Some long-term care providers may also perform various tasks including help with tasks around the home. These tasks typically include grocery lists , pet care, or any type of light house chores.
While there are no age restrictions to obtaining long term care insurance coverage you should not that most insurers will take your age into account when assigning your premiums. This is due to the fact that most plans will require medical underwriting. The medical underwriting process will take into account your full medical history and age. In simple terms, the longer you wait and the higher your age, the more likely you are to pay a higher premium or be denied coverage all together. Do not wait until you need long-term care to purchase long-term care insurance as you will likely be denied. The process can also be lengthy as you will want to do your research before choosing a policy. If you are considering long-term care insurance start now versus later.
Before selecting a policy here are some question to consider:
- What is included in my policy’s coverage?
- What is my elimination period?
- What is my daily benefit amount?
- Are there inflation riders?
- Is there a waiver of premiums?
- Any additional benefits?
- What is the max lifetime benefit?
If you or someone you love is interested in Long Term Care Insurance be sure to visit: LTC TREE for more information.