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Long Term Care Insurance (LTCI) – A Primer
Private insurance companies sell LTCI policies to offset
the costs of long-term care. LTCI, like all insurance policies,
requires premiums to help recipients avoid paying large sums later on
in the event of an illness or a catastrophic event. Premiums are based
on the individual's age at the time of purchase and are usually locked
in for the life of the policy.
finance, ltci, long term care insurance, senior care
LTCI covers the following, depending on the policy you choose:
* Care in a skilled nursing facility
* Care in an assisted living facility
* Home health care
* Adult day health care
Buying a LTCI policy allows the policyholder to choose from many
options, such as the amount of the daily benefit, the number of years
the policy will pay benefits, and, after the applicant qualifies for a
policy, the number of days or months before the policy will begin
paying benefits.
It's very important to evaluate policies carefully to see which one
offers the benefits you require with a premium that fits your budget.
Policies differ in their benefits, contract conditions, deductibles
and premiums. It is also important to take into account the rising
cost of health care. Be sure the LTCI policy provides inflation
protection for benefits to increase as health care costs continue to
rise.
Policies are generally labeled according to the place in which
benefits are paid.
* Homecare-only policies pay for care at home and in an adult day
care or adult day health care facilities. Make sure the policy
includes both types of day care.
* Facility-only policies pay for care in a skilled nursing
facility and in an assisted living facility.
* Comprehensive policies pay for care in a skilled nursing
facility, assisted living facility, adult day care or adult day health
care facility, and at home.
Since LTCI claims are often paid many years after the purchase of the
policy, it is imperative to check the following:
* Financial strength of the company. You can find out by checking
out Moody's.
* Reputation and claims-paying history of the company.
Contact your State Insurance Department for information on specific
private insurance companies. Click here for listings information for
each state's insurance information.
Who is Eligibile?
* Applicant must be healthy at the time of application
* Each insurance company has individual requirements and/or limitations
We recommend that you consult a financial advisor ot find out the
right time to buy an LTCI policy?
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