If you have a medical issue that necessitates long-term care, long-term care insurance is going to come in handy. Long-term care insurance is an important product that you need if you want to be guaranteed financial and medical stability in your life.
You need to consider all the applicable factors to decide the best possible long-term care insurance for your unique situation. The following are seven things to look into when you are looking for long-term care insurance plans.
Flexibility of Benefits
A lot of people make the incorrect assumption that long-term care is only about care provided in a nursing home. This is not necessarily the case. In fact, long-term care encompasses much more than nursing home care. It also involves assisted living, hospice care, adult day care, and more.
If you're on the market for a long-term care insurance policy, you should look into the variety of options that are available to you and take full advantage of the flexibility that this type of insurance can offer.
Considerations for Family Care
Those who need long-term care due to a terminal medical condition often wish to receive care from family members whenever possible. Thankfully, long-term care insurance can often help to finance family care. Sometimes, long-term care insurance policies can even offer specialized training to family members so that they can continue to take care of their loved ones after medical issues have come up.
Sharing of Benefits
Married couples can take advantage of shared benefits when they purchase a long-term care insurance policy together. Policies sometimes limit the amount of benefits that one recipient can receive; however, in a policy that is taken out by a couple, one spouse can sometimes use the other spouse's benefits after maxing out his or her own benefits. You will want to discuss the policy options with an insurance professional before purchasing a policy with your spouse.
Locations Providing Included Care
Locations that offer care that is covered under long-term care insurance is important. Most patients are accustomed to frequenting a particular hospital or healthcare facility. These patients are generally not going to want to go to a different facility for their long term care insurance benefits.
When you're shopping for the right policy, you need to be aware of where care is offered under the policies that you're considering. Do your best to find a policy that offers care in locations that you are already familiar with.
Budget after Retirement
Long-term care insurance premiums will typically need to be paid well into the future. Many individuals take out a policy before they've retired. Policy holders need to be able to keep up payments after they've retired and their income is potentially reduced.
It can be next to impossible to get a long-term care insurance policy once an individual has reached retirement age. It's therefore important to make sure that a policy you purchase while you're still working will be affordable over the long term to avoid having to go off your policy in the future due to budgeting issues.
The elimination period of a long-term care insurance policy is the period of time that the insured individual needs to be paying for care through other means before the long-term care policy kicks in.
The longer the elimination period, the cheaper the insurance will cost. However, a long elimination period can cost policyholders down the road because it can severely delay coverage.
Long-term care policies tend to be purchased over long periods. These insurance policies last long enough that inflation can be a significant factor when it comes to policy maximums and premium payments.
Inflation protection can be a good idea for a long term care policy because it ensures that coverage will be adjusted according to monetary changes due to inflation into the future.
Contact Sachs Walsh Insurance for more information about long-term care insurance and what policy options are available to you.