Long Term Care FAQ

Why Long Term Care?
Ordinary health insurance won’t cover your long term care expenses.  People are living longer but with that come added health problems that could literally cost all of your life savings.  Health insurance and Medicare usually do not pay for long term care and Medicaid will only pay for the long term care if you’ve already spent most of your assets.

What does Long Term Care Insurance Cover?
Typically, long term care covers the cost of care in a nursing home, visiting nurses, assisted living facilities, community programs like adult day care and/or help in your own home.

When should I consider Long Term care insurance?
The best time to buy long term care insurance is by middle-age.  It’s the time when you are likely to be eligible for a policy and when premium costs might be lower.  If you wait until late 60’s or longer you may not be able to qualify for long term care coverage.

What should I look for in a long term care policy?
Many companies offer multiple types of long term care policies for example a policy that pays for nursing home care or care in an assisted living facility or a combination of the two.  Some will provide even broader coverage that will allow you to be cared for in your own home by a family member or friend.

You should be aware of the daily or monthly benefit.  This is the amount of benefit you would receive once you were eligible to begin receiving long term care benefits. 

Benefit Period – this is the amount of time you will receive benefits for.  For example you could have a policy that pays benefits for just a few years or for lifetime.

Elimination Period – this is the amount of time you must wait before benefits are payable

Other key features to look for are Inflation protection and non-forfeiture benefits.