Understanding Long Term Care Policies

Only about 10% of the senior population have Long Term Care Policies, yet 90% or greater of 65+ years old will need some form of Long Term Care. As a Senior Living Advisor, I assist my clients in reviewing their Long Term Care Policies to determine if they are currently qualified to use the benefits of their policy or when they will be qualified to use the benefits which they have paid into for many years. It is common for many of my clients to not know where their original policy is and also not recall what their policy covers. Upon reviewing their policies with them they are usually surprised to find out their policy covers more or less than they expected. Whether you are looking to purchase a Long Term Care Policy currently and would like to become educated or you would like to understand how to read your current policy here are some common features and provisions: Elimination period: The period of time before the insurance policy will begin paying benefits (typical options range from 20 to 100 days). Also known as the waiting period. Duration of benefits: The limitations placed on the benefits you can receive. Daily benefit: The amount of coverage you select as your daily benefit (typical options range from $50 to $350). Optional inflation rider: Protection against inflation. An inflation rider means that your benefits of coverage will increase annually by a percentage. Range of care: Coverage for different levels of care (skilled, intermediate, and/or custodial) in care settings specified in policy. Pre-existing conditions: The waiting period imposed before coverage will go into effect regarding treatment for pre-existing conditions. Premium increases: Whether or not your premiums will increase during the policy period. Guaranteed renewability: The opportunity for you to renew the policy and maintain your coverage despite any changes in your health. If you or anyone you know could benefit from having myself or one of our advisors review your Long Term Care Policy please contact us at info@senioronesource.net or visit our website www.SeniorOneSource.net