The Basics of Long-Term Care Insurance
Planning for the cost of long-term care is something nearly every household should think about. Thinking about the need and the costs of long-term care is enough to make anyone uncomfortable. But while it’s a difficult subject to talk about, it’s also a topic that often generates lots of questions and misunderstanding.
For the most part, those who need long-term care are left to foot the bill on their own. Neither Medicare, nor Medicare supplemental coverage (“Medigap”), nor standard health insurance policies cover long-term care. That’s why long-term care insurance may be so important. Since premium costs are based on your age and health at the time of purchase, the younger and healthier you are when you purchase a policy, the lower the premium you’re apt to pay during the life of the plan.
As you evaluate long-term care insurance, consider the following variables:
• Policies will differ in the types of services they support, making the choice of a policy that best meets your particular needs is important.
• How much does the policy pay per day for care in a particular setting? How does the policy pay out (e.g., a fixed daily amount, as reimbursement for the cost of care up to a daily maximum)? Does the policy have a maximum lifetime limit? Are there adjustments for inflation?
• Does the policy use certain triggers to determine benefits eligibility, such as the formal diagnosis of an illness or disability? What is the maximum issue age for the policy?
• Longer life spans for women may signal the need for additional coverage.
© 2018 DST Systems, Inc. Reproduction in whole or in part prohibited, except by permission. All rights reserved. Not responsible for any errors or omissions.
For more information, please call Householder Group at 661-297-7566.
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