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Long-Term Care Insurance

Long-Term Care Insurance

Long-term care (LTC) insurance is important coverage that provides valuable support and financial resources that help cover the cost of long-term care you might need in the event of an illness, accident, or through the normal effects of aging. LTC insurance generally covers assisted living, respite care, hospice care, skilled nursing and Alzheimer’s facilities. If home care coverage is purchased, the policy will pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver or a private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).

Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.

Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.  You can select a range of care options and benefits that allow you to get the services you need, where you need them.

The cost of your long-term care policy is based on:

  • How old you are when you buy the policy
  • The maximum amount that a policy will pay per day
  • The maximum number of days (years) that a policy will pay
  • The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
  • Any optional benefits you choose, such as benefits that increase with inflation

If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher “non-standard” rate.  Some group policies do not require underwriting.

If you would like more information about protecting your family’s financial future with a long-term care insurance policy, please call Healthcare Consultants at 713-626-2838 or complete our Contact Form.

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