Long-Term Care Insurance
Long-Term Care Insurance Quote Forms
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Long-Term Care Insurance Information
According to the U.S. Department of Health and Human Services, 70% of 65-year-olds will need long-term care health services in the future. Medicare and most health insurance plans won’t provide coverage for many long term care and custodial care costs. Long term care isn’t typically covered by insurance.
Low income families can get help paying for long term care expenses from Medicaid, but it can be difficult to qualify if your life insurance policy, retirement savings or multiple properties are worth more than the allowable limit.
Contact Grimes Insurance Group in Raleigh, North Carolina, to learn more about choosing the right long term care insurance for your situation.
How Much Long Term Care Insurance Do I Need?
The amount of long term care insurance you may need depends on your projected financial situation at the time that you require this type of specialized care. Since determining how much long term care insurance may be appropriate for your situation requires a great deal of planning, it’s crucial to work with your agent to learn about your options and evaluate your potential needs.
Your agent can help you take a close look at your financial resources to help determine how much long term care insurance to purchase to help in any financial gaps.
What Long Term Care Insurance Covers
Long term care insurance may help pay for the costs of care due to an injury, disability or chronic illness. Many people consider purchasing long term care insurance to provide the insured person with financial help to pay for the general effects of aging.
Many long term care insurance policies provide coverage for:
- Temporary or respite care
- Professional nursing care, rehabilitation
How Long Term Care Insurance Works
To purchase a long term care insurance plan, you’ll fill out an application, go through a phone interview to answer health questions and grant the insurer access to your medical records. Your agent can help you choose the amount of coverage you want, which is typically capped with a per day and lifetime limit.
If the insurer approves your application, you’ll start paying premiums. The insured person may be eligible for benefits when they can’t independently perform at least two of the six activities of daily living (ADL) or suffer from cognitive impairment.
- Transferring to and from a bed or chair
Many long term care insurance policies require the insured person to cover the costs of care for a certain amount of time (30, 60 or 90 days) before they start paying for care up to the daily limit.
How Much Does Long Term Care Insurance Pay for Assisted Living
Assisted living is a type of long-term residential senior care offering help from a professional caregiver with routine household and personal tasks. The amount of money a long term care policy pays for assisted living expenses depends on the limits of the policy and the period of time you must pay out of pocket for care.
Many assisted living facilities provide meal service, a room, caregiver assistance and certain extra services such as laundry, transportation and housekeeping.
The costs of long term care can put a financial strain on families. Contact Grimes Insurance Group today to learn more about how long term care insurance can help provide necessary medical care while protecting a family’s assets.