What are your LTC insurance options when you decide to protect your assets from the costs of receiving long term care? If you have determined that long term care insurance is something you want to consider, you have multiple options.
Long term care insurance is a tailor-made insurance. The choices you make in designing the appropriate policy affect the premium you pay. Finding the right coverage at an affordable price is the reason most people find it beneficial to work with a long term care insurance specialist.
Allison Harris is a Long Term Care Professional (LTCP) who can help you work through the process of evaluating long term care insurance and its options. She has participated in extensive training on LTC insurance and has a solid understanding of all of its components.
Important Long Term Care Insurance Terms
• Daily or Monthly Benefit – This is the amount you receive when you need care. Make sure you know the average cost of a nursing home (typically the most expensive option) in the area you live in. If you are choosing to get a benefit less than the average cost, ensure you have resources or income to make up the difference.
• Benefit Period – How long your benefits will be paid when you need care. The average amount of time people need care is 4-6 years. Many people begin their care at home.
• Elimination Period – This is like a deductible. It is how many days you pay before your policy starts to pay. Keep in mind that a 90 day elimination period may take you 180 days to satisfy if you are at home and get care every other day. Some policies will waive the elimination period of you receive care at home.
• Inflation Protection – This automatically increases your daily benefit each year. If you are younger and purchasing LTC insurance, you should add this to your policy as the cost of care can double every 20 years.
• Partnership – Some policies qualify for this status. It protects more of your assets when you need long term care. For every dollar of insurance you use, a dollar of your assets are protected from Medicaid.
Imagine Insurance Advisors Is Your Long Term Care Insurance Expert
We know this can all be confusing and a big commitment to make. Let us help you find a plan that meets your needs and also stays within your budget. As independent agents, we have access to many companies. This allows us to also find the company that will best accept your health conditions.