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Long Term Care Insurance
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Long-term care
insurance is a relatively new type of insurance developed
specifically to cover the costs of long-term care services, many of
which are not covered by traditional health insurance or Medicare. These
include services in your home such as assistance with Activities of
Daily Living as well as care in a variety of facility and community
settings.
There is a great deal of choice and flexibility in long-term care
insurance policies. You can select a range of care options and
benefits that allow you to get the services you need in the settings
that suit you best. The cost of your long-term care insurance policy is
based on the type and amount of services you choose to have covered, how
old you are when you buy the policy, and any optional benefits you
choose, such as Inflation Protection. If you are in poor health or
already receiving long-term care services, you may not qualify for
long-term care insurance.
Long-term care insurance policies have a benefit period or
lifetime benefit maximum, which is the total amount of time or total
amount of dollars up to which benefits will be paid. Common benefit
periods for long-term care policies are two, three, four, and five
years, and lifetime or unlimited coverage. Other options between five
years and lifetime/unlimited coverage are also available from many
companies. Most policies translate these time periods into dollar
amounts and do not actually limit the number of days for which they will
pay for care – just the overall dollar amount that the policy will pay.
With long-term care insurance, you pay premiums in amounts you
know in advance and can budget for, and the policy pays – up to its
coverage limit – for the long-term care you need when you need it.
Typically premiums are waived during the time you are receiving
benefits.
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Long Term Care Insurance
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