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To purchase a long-term care policy, you will fill out an application and answer any questions. The insurer may ask for your medical records and interview you by phone or face to face. You will then choose the amount of coverage you desire. You begin paying premiums once you are approved for coverage, or the policy is used.
Most long-term care insurance policyholders purchase their policy years or even decades before it is used. Most policyholders quickly purchased their care insurance and simply filed it away, leaving most policies untouched for years. Given the substantial time gap for when the holder first purchases their policies to when they begin using them, it is not uncommon for insureds to not know what is in their policy or how it works.
Nearly 70% of 65-year-old people will need long-term care services or support. If you have finally reached the point of activation for your policy, you likely have many questions and concerns. Most policies display a toll-free number on the front page to directly contact your insurance company’s claim department.
The department can provide guidance and answer any basic questions regarding your policy. However, according to the law offices of Steven M. Dunn, P.A, the extent of their assistance is quite limited, and they may not be able to address your concerns fully.
A long-term care policy is a safety blanket if you develop a chronic medical condition like Alzheimer’s. Most insurance policies will reimburse you for a variety of places, such as:
- An assisted living facility
- A nursing home
- An adult daycare center
- Your home
You may see it now, but you may need assistance in taking care of yourself later in life. The most important question is: How will you pay for it?
Purchasing long-term care insurance is one way to get prepared. Long-term care includes a host of services not covered by regular health insurance. These services include daily activities, bathing, getting dressed, care for incontinence, toileting, etc.
Considering long-term care costs is imperative for any long-range financial plan, especially in your 50s and older. Waiting until the moment you need care is not an option. If you prolong purchasing a long-term care policy for years and have a debilitating condition, long-term care insurers will not approve most applicants over 75. Most people who have long-term care insurance purchase their policy between the mid-50s and mid-60s.
People purchase long-term care insurance for a couple of reasons:
- To protect savings. Long-term care costs tend to deplete retirement nest eggs quickly.
- To give you more choices of care. The more money you are willing to spend, the better quality of care you will receive.
Regular health insurance does not cover long-term care. Medicare will also be unreliable when you require extensive medical care. If you do not have insurance to cover long-term care in most states, you will most likely pay out-of-pocket.
Starting in 2025, Washington state will provide long-term care insurance to eligible residents, funded by a payroll tax in 2022. Washington workers may opt out of the program if they purchase a long-term insurance policy before November 1st, 2021. Visit the WA Cares Fund website for more information.
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