Long Term Care Insurance Company In Peoria, Surprise and Phoenix AZ

What is Long Term Care Insurance?

According to data from the Administration for Community Living, which is part of the US Department of Health and Human Services, about 70% of 65-year-olds will require long-term care services or support by 2020.

When you have a chronic medical condition, a disability, or an illness like Alzheimer’s disease, long-term care insurance coverage can assist in paying the costs of that care. Most policies will reimburse you for services rendered in a variety of settings, including:

  • Your home
  • Nursing Homes
  • Assisted Living Facilities
  • Adult Day Care Centers

Long-term care is not covered by standard health insurance. When you need skilled nursing or rehab, Medicare won’t help as it only covers brief nursing home stays or limited amounts of home health care. Custodial care, which involves supervision and assistance with day-to-day duties, is not covered.

In most places, if you don’t have long-term care insurance, you’ll have to pay for it out of pocket. Medicaid, a federal and state-run health-insurance program for low-income people, can help, but only after you’ve used up all of your funds.

How do I apply for Long Term Care Insurance?

You must fill out an application and answer health questions in order to purchase long-term care insurance. The insurer may request to review your medical records and conduct a phone or in-person interview with you.

You get to choose how much coverage you want. The amount paid out per day and over the course of your lifetime is normally capped by the plans.

You begin paying premiums once you’ve been authorized for coverage and your policy has been issued.

When you can’t accomplish two out of six “activities of daily living,” or ADLs, on your own or have dementia or other cognitive impairment, you may be eligible for coverage under most long-term care policies.

Most policies require you to pay for long-term care services yourself for a set period of time, such as 30, 60, or 90 days, before the insurer begins to reimburse you. The “elimination period” is what it’s termed.

After you become eligible for benefits and, in most cases, after you receive paid care for that time period, the policy begins to pay out. Most insurance pay for care up to a daily limit until the lifetime maximum is reached.

When both spouses purchase policies, some firms provide a shared care option. This allows you to split the entire amount of coverage, allowing you to draw from your spouse’s pool of benefits if your own policy’s limit is reached.

How much is Long Term Care Insurance?

The rate you pay will depend on a number of things link:

  • You Gender
  • Marital Status
  • Your Age and Health
  • Insurance Company
  • Amount of Coverage

A word of caution: The price of your policy could go up, as prices are not guaranteed to stay the same year-over-year

How do I buy Long Term Care Insurance?

You can purchase Long Term Care Insurance directly from us here at The Turning 65 Advisor. Our Insurance Agents are experienced in Long Term Care Insurance and we will find you the best rates from our Carriers.

Life Insurance Company Surprise & Peoria AZ

Call the Turning 65 Advisor Today for a Consultation!