What is Long Term Care insurance [How Much Does It Cost?]
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👉What is Long Term Care insurance? & How much does long-term care insurance cost?👈
Unlike traditional health insurance, long-term care insurance covers long-term services and support. This would include personal and custodial care in various settings such as your home, a community organization, or another facility.
Long-term care insurance policies reimburse the client daily for care (up to a pre-selected limit). This reimbursement is 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 maximum lifetime amount 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.
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