Long-term care is the personal care and other related services provided on an extended basis to people who need help with activities of daily living or who need supervision due to a severe cognitive impairment. These are items such as bathing, dressing, toileting, continence, eating, and transferring. One may be able to do all of their activities of daily living but still need care and supervision due to a severe cognitive impairment (memory loss, dementia, etc.). For example, you may be able to dress yourself, but you may not remember to take your medications.

The daily benefit you select is the maximum dollar amount that the insurance company must pay for your care on a given day. Some policies pay this benefit out as a weekly or monthly benefit, which allows you to receive benefits for expenses on specific days that are greater than your daily benefit.

The daily benefit choices may range from $40 to $500 per day depending on the carrier. If you are purchasing a reimbursement policy, most companies will allow the amount of the daily benefit that you did not use to be carried over, which extends your benefit period. For example, if your daily benefit amount was $150 and your expenses were only $100, then the remaining $50 would be carried over to be used later. This could therefore allow a three-year plan to last longer than three years! If you purchase an indemnity policy, the carrier would pay you the entire daily or monthly benefit regardless of the cost of your care. However, some indemnity policies require some care each day to receive any benefit for that day. Also, some reimbursement policies have optional indemnity riders allowing you to convert them to an indemnity policy.

Your health does not have to be perfect to purchase long-term care insurance, however, there are certain health conditions and combinations of health conditions that can cause you to be uninsurable.

Please submit a Request for Quote form to our office and we will be happy to review your needs and available options with you.