Senior Connections
Farmingdale Public Library
July/August 2019 Newsletter
Topic of the Month
UNDERSTANDING LONG-TERM CARE INSURANCE
Know What is Covered and What is not Covered
Policies may cover nursing home care, home health care, assisted living, hospice care or adult day care, or some combination of these. Policy that covers multiple types of care will give you more flexibility in choosing care that is right for you.
Waiting Period
Most long-term care insurance policies have a waiting period before benefits begin to kick in. This waiting period can be between 0 and 90 days, or even longer. Longer waiting period can mean lower premiums. Some policies may have different waiting periods for home health care and nursing home care.
Daily Benefit
Daily benefit is the amount insurance pays per day toward long-term care expenses. purchasing the maximum daily benefit will assure you have the most coverage available. Lower daily benefit will mean a lower premium. Compare daily benefit levels.
Benefit Period
When you purchase a policy, you need to choose how long you want your coverage to last. In general, you do not need to purchase a lifetime policy if three to five years' worth of coverage should be enough according to a new study from the American Association of Long-Term Care Insurance. Unless you have a family history of a chronic illness, you aren't likely to need more coverage.
If you are purchasing insurance as part of a Medicaid planning strategy, however, you need to purchase at least enough insurance to cover the five-year look-back period. You can transfer assets to family member before you enter the nursing home, use the long-term coverage to wait out Medicaid's five-year look-back period, and then apply for Medicaid within limits to pay your nursing home costs.
Inflation Protection
As nursing home costs continue to rise, your daily benefit will cover less expenses. Most insurance policies offer inflation protection of five percent a year. Inflation protection can significantly increase your premium. Inquire about two main types of inflation protection: compound or simple interest increases and evaluate cost-benefit results.
In conclusion, there are many factors to be considered in determining the best Long-Term Care Insurance that is right for you. For more comprehensive explanation, access internet @ "AARP - Understanding Long-Term Care Insurance".
1 comment:
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