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The long
term care insurance field was started over 25 years ago. Today,
many insurance companies offer seniors the choice and flexibility
to help meet their needs and financial goals. Here is an example
of some of the products that are currently available:
Comprehensive Plan - Provides comprehensive coverage for
all levels of long term care. It offers flexibility because covered
home and community care services are reimbursed (up to the selected
limit) from the first day, without an elimination period and
without needing to use a care coordinator.
Custom Plan - Provides comprehensive coverage in most
all long term care settings -- on a more limited budget. It has
a more rigid criteria for access to benefits, and has some co
- pay requirements.
Facility Plan - For the client most concerned with what
is typically the greatest long term care expense -- care provided
not in the home, but confinement in a long term care facility.
Shared Benefit Plan - Designed with couples in mind. It
gives customers the flexibility of sharing a personal benefit
account from which benefits for both are paid. Either person
can access the personal benefit account when the need for covered
longterm care arises.
You
should be able to tailor all these plans to your specific needs.
Plus, discounts for partners and for good health, if available,
can help these plans fit into your budget.
There's
sure to be a plan that meets your specific needs and provides
coverage for you, and your partner.
Features & Benefits
Here are
some of the benefits you should look for:
What To Look For In A Long Term Care Insurance
Policy
- At least
one year of nursing home or in home coverage, including intermediate
and custodial help. Nursing home or in home benefits shouldn't
be limited primarily to skilled assistance.
- Coverage
for Alzheimer's
disease.
- An inflation
protection option.
- An "outline
of coverage" that systematically describes the policy's
benefits, limitations and exclusions, and also lets you compare
it with others.
- A guarantee
that the policy cannot be canceled, non-renewed, or otherwise
terminated because you get older or suffer deterioration in your
physical or mental health.
- The
right to return the long term care insurance policy within 30
days for a full premium refund, if after having received the
policy, you decide that you do not want it.
- No requirement
that policyholders:
- First be hospitalized in order to receive nursing home benefits
or in home benefits,
- or -
- First receive skilled nursing home help before receiving intermediate
or custodial nursing home help,
- or -
- First receive nursing home assistance before receiving benefits
for home health care assistance.
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