What are Long-Term Care insurance policies?

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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.

 

Limitations

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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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