Owner/Agent, Pelfrey Financial Services, Lexington, KY
What is covered by a Long-Term Care (LTC) policy can vary greatly. Most LTC policies will provide payment for required assistance when a person cannot perform two of the six activities of daily living (ADL). The ADLs are: walking, eating, bathing, dressing, toileting, and continence.
Some policies will pay for in-home care while other plans only pay once a person moves into an assisted living facility. Most policies have a daily maximum that they will pay as well as an overall maximum. These typically set the maximum to pay for a certain number of years, such as three or five.
The more a policy will ultimately pay for, the higher the premium will be. LTC insurance is often available through employers, but a less expensive policy may be available on the open market. Contact an insurance broker that can provide quotes from multiple companies to find the best policy for you. The broker and also provide guidance on how to determine your exact needs.
A good Long Term Care Policy will cover home healthcare, assisted living and a nursing home facility. You can also add an inflation protection benefit so that your benefits will grow with inflation. There are several factors that can change the cost of the plan depending on what benefits you select. It's important to work with an independent agent that can help you figure out what will impact your premium and benefits the most. For example, the length of the elimination period will make your premium go up or down.
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Some policies will pay for in-home care while other plans only pay once a person moves into an assisted living facility. Most policies have a daily maximum that they will pay as well as an overall maximum. These typically set the maximum to pay for a certain number of years, such as three or five.
The more a policy will ultimately pay for, the higher the premium will be. LTC insurance is often available through employers, but a less expensive policy may be available on the open market. Contact an insurance broker that can provide quotes from multiple companies to find the best policy for you. The broker and also provide guidance on how to determine your exact needs.