Long term care insurance is designed to pay benefits to you when you need care. It is the answer for families who wish to protect assets from being wasted to pay for care, for parents who wish to avoid being a burden on their children, and for families who have concerns about guaranteeing quality care for loved ones.

Most policies are designed to begin paying when an individual needs assistance with the normal activities of daily living (such as bathing, dressing, eating, transferring, continence, and toileting). Policies also begin paying benefits when an individual is diagnosed with a cognitive impairment, such as Alzheimer's Disease.

The better policies do not restrict the location of the care. They will pay for help at home, in an assisted living facility, an adult day care facility, or even a nursing home. Many families find that the use of a long term care policy at home can actually prevent a nursing home confinement from becoming a necessity.

THE BASIC COMPONENTS OF A
LONG TERM CARE
INSURANCE POLICY

DAILY BENEFIT - How much the policy will pay, at most, every day care is received. Most policies allow for benefits to be anywhere from $40 to $250 a day. The average cost of care in your geographical area should be used to determine what is appropriate for you.

BENEFIT PERIOD - How long is the company going to pay benefits when you need them? 2 years, 3 years, 4 years, 5 years, and Lifetime or Unlimited are common options. Remember, the average length of a nursing home confinement is just under 3 years, but most families choose to insure for a longer period of care. Your personal budget for insurance premiums is a key factor in this decision.

ELIMINATION PERIOD - The deductible on a long term care policy. Usually 0, 30, 60, 90, or 180 days. How long are you willing to finance your own care before the policy takes over? Keep in mind the possible cost of care in several years, and the way the actual deductible will grow with inflation. Usually, 30 or 90 days are acceptable choices.

To learn more about Long Term Care Insurance and to see if it is available in your area “Click Here” and indicate whether you would like us to contact you by phone or email, or contact us directly by calling (954) 377 – 0222 extension 102.