How Do Long Term Care Insurance Policies Work?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Long Term Care Insurance policies pay you or the facility you are residing in for the care you are receiving in the event that you need long term care (LTC) services. You must meet the qualifications, and depending on the elimination period you chose on your policy, there will be a waiting period before payments start. Payments will end when the years you chose are used up or the lifetime dollar amount of the policy is used up.
    Answered on May 25, 2013
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    David RacichPRO
    Fountain Hills, Arizona
    Long term care insurance policies can cover extended stays in nursing homes or convalescent care at home in contrast to long term care riders on mortality products like life insurance or annuities. Each contract has duration provisions spelled out in the policy. It’s important to understand the elimination or waiting period and incorporate it your retirement planning.
      
    Answered on May 25, 2013
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