LONG TERM CARE INSURANCE POLICY PROVISIONS
Here you will learn about the different policy provisions and what to look for within quality a long term care insurance policy.
Select a policy provision below to learn more:
• Comprehensive Coverage
• Facility Care Coverage
• Home Care Coverage
• Inflation Protection
• Shared Care
• Review
It may be years before you use your long term care insurance policy. Inflation protection will increase your Daily Benefit Amount (DBA) every year to keep your benefits in pace with inflation. Several different options are available depending on the chosen insurance company. Typically, a compound inflation rider is more desirable than a simple inflation rider. Compounding your benefits will do a better job of keeping up with the actual pace of inflation. The amount of increase is also dependent on the chosen insurance company, but available options range from 5%-6% annually.
Here you will learn about the different policy provisions and what to look for within quality a long term care insurance policy.
Select a policy provision below to learn more:
• Comprehensive Coverage
• Facility Care Coverage
• Home Care Coverage
• Inflation Protection
• Shared Care
• Review
At the time a long term care event occurs, comprehensive care is designed to give you the most options. Comprehensive coverage includes facility care, and home care, plus other benefits such as caregiver training, ambulance services and emergency response system. Facility care and home care are defined below. Since benefits are available for several different types of care, a policy with comprehensive coverage provides you with the independence to receive care in a familiar home or community based setting.
Facility care coverage provides benefits for care received in nursing homes, assisted living facilities or hospice facilities. Covered benefits include skilled, intermediate and custodial levels of qualified long term care. Other benefits may include facility bed reservation in the event on a temporary absence from the facility and facility prescription drug benefit up to a monthly limit.
Home care coverage provides benefits for care received in your own home. When a long term care event occurs, most people would love the opportunity to stay within their own homes. Having home care as a covered benefit will allow you to receive care and stay within your familiar home. This benefit reimburses you for services provided by licensed or certified home care providers including:
• Professional Nurse (RN, LPN, LVN)
• Physical Therapist
• Speech Therapist
• Respiratory Therapist
• Occupational Therapist
• Home Health Aide
Other benefits may include reimbursement for caregiver training, ambulance services, and respite care.
• Professional Nurse (RN, LPN, LVN)
• Physical Therapist
• Speech Therapist
• Respiratory Therapist
• Occupational Therapist
• Home Health Aide
Other benefits may include reimbursement for caregiver training, ambulance services, and respite care.
For a married couple, shared care adds significant advantages to your long term care policies. This rider allows for spouses to share benefits in the event that one spouse has used up all of his/her available benefits. This rider is also different for each insurance company and not all companies will offer this rider. For some companies, this rider allows for one spouse to take benefits away from the other spouse, who may not need the benefits. This is risky because the other spouse may eventually need benefits for long term care coverage. Other insurance companies solve this problem by adding a third pool of benefits that either spouse may use. This avoids depleting the benefits from the remaining spouse.
• Comprehensive Coverage - Provides the most flexibility including benefits for facility care and home care coverage.
• Facility Care Coverage- Provides benefits for care received in nursing homes, assisted living facilities or hospice facilities.
• Home Care Coverage - Reimburses you for services provided within your own home by licensed or certified home care providers.
• Inflation Protection - Increases your Daily Benefit Amount (DBA) on an annual basis to keep your benefits in pace with inflation.
• Shared Care - If one spouse depleted his/her benefits, additional benefits are accessible from sharing benefits between spouses.
