What are Long-Term Care insurance policies?
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need where you need them.
The cost of your long-term care policy is based on:
How old you are when you buy the policy
The maximum amount that a policy will pay per day
The maximum number of days (years) that a policy will pay
The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
Any optional benefits you choose, such as benefits that increase with inflation
If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance as most individual policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage or coverage at a higher “non-standard” rate. Some group policies do not require underwriting.
Many long-term care insurance policies limit how long or how much they will pay. Some policies will pay your long-term care costs for two to five years, while other insurance companies offer policies that will deliver your long-term care costs for as long as you live—no matter how much it costs. But there are very few that have no such limits.
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