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Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
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.
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The cost of your long-term care policy is based on:
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How old you are when you buy the policy
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The maximum amount that a policy will pay per day
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The maximum number of days (years) that a policy will pay
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The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
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Any optional benefits you choose, such as benefits that increase with inflation
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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.
What is Long Term Care?
