Understanding The Different Types Of Long-term Care Insurance
You might be surprised to learn that no two long-term care insurance policies are the same
. Most policies, for example, have different limits on how long they will provide coverage or on how much they are willing to pay toward long-term care needs. The average person will generally secure a policy that will provide coverage for anywhere from two to five years. The best policies, however, are those that provide coverage for an entire lifetime, up to any cost. These policies, known as lifetime policies, are becoming increasingly rare and, when they can be found, usually cost a very hefty sum. Individuals who want something in between the average policy and the lifetime policy can opt for a high coverage option, which typically pays for a very large amount of long-term care services. Some policies even provide coverage up to $1,000,000.No matter how long your coverage lasts or how much it will pay for, youll want to make sure that you secure a comprehensive policy. These policies offer a lot of freedom in terms of what kind of care and other necessary services they will provide for. Most comprehensive policies, for instance, will cover care within your own home, care in an adult day care, hospice care, respite care, care in an assisted-living facility, specialty care for Alzheimers, and care in a private or public nursing home. Those who get care in their own homes can usually have nursing care, occupational therapy, speech therapy, physical therapy, rehabilitation therapy, and personal care costs covered by their comprehensive policies. Some policies will also cover housekeeping and general home care services, providing they are necessary and that the insured person is not able to take care of these needs on his or her own.
Its also important to understand that every long-term care insurance policy has what is known as a benefit trigger. This is what sets off your long-term care insurance and allows you to start receiving benefits. One policy, for example, might state that you can begin receiving benefits when you need help with at least two Activities of Daily Living. Above all, you just want to find a benefit trigger that will start providing you with assistance early on. That way, you wont just be left waiting for your condition to worsen so that you can get help.
All policies also have their own elimination periods. The elimination period determines how much time you must wait between becoming eligible for benefits and actually receiving them. You might have to wait a month, two months, or even three months to start seeing benefits, depending on your policy and what you choose. Keep in mind as well that some policies require you to pay for services out of pocket during the elimination period. Obviously, youll want to get the shortest elimination period you can, understanding that the lower your elimination period, the higher your premium costs.
As you can see, long-term care insurance is a complicated thing, and there are many different choices to make as you set up a policy. This is why its so important to work with an insurance seller who can provide you with advice, support, and with a wide range of insurance products and coverage options.
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