What is Long Term Care insurance [How Much Does It Cost?]
👉What is Long Term Care insurance? & How much does long-term care insurance cost?👈
Unlike traditional health insurance, long-term care insurance covers long-term services and support. This would include personal and custodial care in various settings such as your home, a community organization, or another facility.
Long-term care insurance policies reimburse the client daily for care (up to a pre-selected limit). This reimbursement is for services to assist them with activities of daily living such as bathing, dressing, or eating.
You can select a range of care options and benefits that allow you to get the services you need where you need them.
The cost of your long-term care policy is based on:
How old you are when you buy the policy
👉The maximum amount that a policy will pay per day
👉The maximum number of days (years) that a policy will pay
👉The maximum amount per day times the number of days determines the maximum lifetime amount the policy will pay.
👉Any optional benefits you choose, such as benefits that increase with inflation
👉If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting.
👉 In some cases, you may be able to buy a limited amount of coverage or coverage at a higher “non-standard” rate. Some group policies do not require underwriting.
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Do not consider this video a substitute for professional medical advice, diagnosis, or treatment for the viewer or reader. We strongly urge you to contact your physician with any questions regarding your medical condition. If you have an emergency, call 911 immediately or see your physician. Do not allow this information to let you disregard your professional’s medical advice or delay seeking information from this content. Do not rely on information provided by this general education video.
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