Long-Term Care Insurance

Our Long-Term Care Coverage:

Although the fact that people are living longer is fantastic news, it does raise the likelihood that they may require long-term care. The average medical insurance typically does not cover this kind of expensive procedure.

Long-term care has a wide range of possible costs, including those for nursing homes, daycare services, home modifications, and assisted living facilities, among others.

To compensate for these expenses, long-term care insurance will make a payout (and give you peace of mind before those costs arise). Most long-term care insurance policies include a cap on the number of years they can pay out for or the total amount that may be paid.

Pay close attention to the payment schedule. Some insurance plans only cover a certain amount for each type of long-term care or related expenses. Others—often referred to as "pooled benefits"—pay you a lump sum that you can divide however you see appropriate to fulfill your specific long-term care requirements.

Also, you should confirm the following information: the medical requirements for receiving payouts from the long-term care insurance policy; and if the policy is confined to certain or approved long-term care facilities.

Pre-existing conditions and the expenses of care that go along with them may not be covered for a certain amount of time after you purchase the policy, much like with medical insurance.

Check to see if and how your insurance takes inflation into account. Before you need to use your benefits, it may be years, and long-term care may be required for many more years after that. Limits on long-term care insurance that appear sufficient now might not be so when you actually need them.