Long-Term Care Insurance
Long-Term Care Insurance is a type of insurance developed specifically to cover the costs of long-term care services, most of which are not covered by traditional health insurance or Medicare. These include services in your home such as assistance with activities of daily living as well as care in a variety of facility and community settings. There is a great deal of choice and flexibility in long-term care insurance policies.
With Long-Term Care Insurance, you pay premiums in amounts you know in advance and can budget for, and the policy pays – up to its coverage limits – for the long-term care you need when you need it.
Not everyone can get Long-Term Care Insurance. Having certain conditions means you may not qualify. However, insurance companies have different standards, so while you may be denied coverage by one company, another might accept you.
You will probably not be approved to purchase a policy if:
- You currently use long-term care services.
- You already need help with activities of daily living.
- You have AIDS or AIDS Related Complex (ARC).
- You have Alzheimer’s disease or any form of dementia or cognitive dysfunction.
- You have a progressive neurological condition such as Multiple Sclerosis or Parkinson’s Disease.
- You have had a stroke within the past 12 to 24 months or a history of strokes or multiple Transient Ischemic Attacks (TIAs).
- You have metastatic cancer (cancer that has spread beyond its original site). Other health conditions are evaluated in deciding whether or not you can obtain the insurance, but these are the primary conditions that can disqualify you from obtaining insurance.
Once you are accepted for coverage, your coverage cannot be cancelled for any reason other than non-payment of premium as due, or if you have received the policy’s maximum benefits. If you develop one of the health conditions listed above after obtaining coverage, you would be covered for the care you need for that condition
It is important to remember that Long-Term Care Insurance provides financial protection for family members. Without a plan, the need for long-term care can be financially and emotionally devastating for everyone involved.
