Long Term Care Imsurance
Long-term care insurance is an insurance policy that pays a benefit for such services as nursing home care, assisted living care, and even in-home care, in the event that its policy holder requires any of these. The long-term care insurance plans that are offered by long-term care insurance companies in Livingston provide for varied scenarios, based on the needs of individual policy holders. As with other insurance coverage such as health or life, long-term care policies vary in the amount of coverage provided and premium costs. Some long-term care policies will even cover such services as 'adult day care' and Alzheimer's services. With the increase in the United States of such health conditions as Alzheimers, dementia, and other diseases that can leave sufferers unable to care for themselves, long-term care insurance is becoming more of a necessity than a luxury. Following is more information regarding some of the features of long-term care insurance plans, when to purchase, as well as the factors that determine the costs of long-term care policies.
Features of long-term care insurance
Many long-term care insurance plans have common basic features. A few of these commonalities concern daily benefit amounts; how much the plan will pay per day for care that takes place in a facility, such as a nursing home; a determined set monthly benefit amount for in-home care; and an elimination period, which is the number of days the policy holder is eligible for services before the plan will pick up the expenses. Most elimination periods run inside a range of 0-180 days. Additional features, or policy 'riders' or 'add-ons,' can include inflation protection, special riders for domestic partners, and even non-forfeiture riders, which can maintain benefits even if premiums are not paid. It's important to note that special riders can add significant costs to long-term care policies. It is also important to know in advance that many policies will not cover services that are performed by a friend or relative unless that person is licensed and/or certified as a nurse or nursing assistant. Most plans also will not cover services that are covered by Medicare. For more information on these and other vital facts concerning any long-term care policy, contact a health insurance company.
Who should buy and when?
According to recent reports from outside companies that rate insurance companies such as AM Best, everyone but the wealthy (who can afford long-term care) and the poor (who can qualify for Medicaid) should enroll in a long-term care plan. As with most insurance policies, it's best to purchase a long-term care plan when premiums will be lower and payouts will be higher. Health insurance companies recommend enrolling in your 50s as opposed to your 60s or beyond. Additionally, it's important not to wait until you've already been diagnosed. Recent health care laws prohibiting discrimination against pre-existing conditions do not apply to long-term care insurance plans. Consider enrolling in a long-term care insurance plan while you are still healthy and especially before many of life's age-related diseases tend to set in, typically in the 60s and 70s.
What determines your policy's cost?
Naturally, your age will be a major factor in determining your policy's cost. Two other equally important features that will be considered in determining the cost of your long-term care insurance plan will be the maximum amount that your policy will pay per day while you are receiving benefits, as well as the maximum number of days (or years, depending on the policy) that your plan will pay. Finally, policy cost will also be determined by any add-ons or special riders you, yourself, choose to include in the policy.
The great thing about long-term care insurance is that it's only necessary if you end up needing long-term care. Of course, the bad thing about long-term care is that you won't know you need it until you need it. That's why life is called a 'risk'... because we never know what's going to happen in the future. It's why you have car insurance; it's why you have life insurance; it's why you have health insurance; and it's why, if you're wise, you'll enroll in a long-term care plan before you're diagnosed and before you learn you need long-term care. Contact a health insurance company in your area to discuss how long-term care insurance can benefit you and give you the peace of mind you seek regarding your future.
Features of long-term care insurance
Many long-term care insurance plans have common basic features. A few of these commonalities concern daily benefit amounts; how much the plan will pay per day for care that takes place in a facility, such as a nursing home; a determined set monthly benefit amount for in-home care; and an elimination period, which is the number of days the policy holder is eligible for services before the plan will pick up the expenses. Most elimination periods run inside a range of 0-180 days. Additional features, or policy 'riders' or 'add-ons,' can include inflation protection, special riders for domestic partners, and even non-forfeiture riders, which can maintain benefits even if premiums are not paid. It's important to note that special riders can add significant costs to long-term care policies. It is also important to know in advance that many policies will not cover services that are performed by a friend or relative unless that person is licensed and/or certified as a nurse or nursing assistant. Most plans also will not cover services that are covered by Medicare. For more information on these and other vital facts concerning any long-term care policy, contact a health insurance company.
Who should buy and when?
According to recent reports from outside companies that rate insurance companies such as AM Best, everyone but the wealthy (who can afford long-term care) and the poor (who can qualify for Medicaid) should enroll in a long-term care plan. As with most insurance policies, it's best to purchase a long-term care plan when premiums will be lower and payouts will be higher. Health insurance companies recommend enrolling in your 50s as opposed to your 60s or beyond. Additionally, it's important not to wait until you've already been diagnosed. Recent health care laws prohibiting discrimination against pre-existing conditions do not apply to long-term care insurance plans. Consider enrolling in a long-term care insurance plan while you are still healthy and especially before many of life's age-related diseases tend to set in, typically in the 60s and 70s.
What determines your policy's cost?
Naturally, your age will be a major factor in determining your policy's cost. Two other equally important features that will be considered in determining the cost of your long-term care insurance plan will be the maximum amount that your policy will pay per day while you are receiving benefits, as well as the maximum number of days (or years, depending on the policy) that your plan will pay. Finally, policy cost will also be determined by any add-ons or special riders you, yourself, choose to include in the policy.
The great thing about long-term care insurance is that it's only necessary if you end up needing long-term care. Of course, the bad thing about long-term care is that you won't know you need it until you need it. That's why life is called a 'risk'... because we never know what's going to happen in the future. It's why you have car insurance; it's why you have life insurance; it's why you have health insurance; and it's why, if you're wise, you'll enroll in a long-term care plan before you're diagnosed and before you learn you need long-term care. Contact a health insurance company in your area to discuss how long-term care insurance can benefit you and give you the peace of mind you seek regarding your future.