Long Term Care Insurance 101
Read the Fine Print
As I’ve mentioned in another blog, it would be a pretty amazing feat to make it into your golden years without having at least one “pre-existing medical condition.” The human body just can’t stay in peak condition until the end of one’s life, so having some medical baggage is perfectly normal for a senior. Since long term care insurance policies are designed with the elderly in mind, they are a little more lenient than other types of insurance plans when it comes to covering pre-existing medical conditions. This doesn’t mean that they welcome everyone with open arms. You need to be aware of this, and get very clear with insurance carriers about what their pre-existing medical condition clause it, get it in writing, and scrutinize every word.
What Pre-Existing Medical and Long Term Care Insurance
A long-term care insurance policy usually defines a pre-existing condition as one for which you received medical advice or treatment or had symptoms within a certain period before you applied for the policy. Depending on the insurance carrier, they could look back just a few years or they could want a rundown of your entire medical history since the day you emerged from the womb. This is where the careful reading comes into the play. Some companies will accept individuals with preexisting medical conditions, but they will only cover treatment for these conditions for a set period of time, say up to six months after the policy has started. If you know that you or your family member are going to need treatment for a medical condition for years to come, then you either need to shop around for a different insurance policy or start saving your pennies for the day when coverage for that condition no longer exists.
finding the Right Long Term Care Insurance for You
Remember: long term care insurance is not the same thing as regular insurance coverage. Long term insurance is designed to help those with long term disabilities, or just those in need of help with daily activities, home health care, respite care, hospice care, adult day care, care in a nursing home or care in an assisted living facility. People who need long term care usually can’t be provided the same level of care by their friends and family, and have to look to outside sources to lend a helping hand. When you start shopping around, don’t stop at the first insurance company you find. Just like with any other big investment, you want to make sure that have nothing but the best. Don’t be fooled by flashy ads of celebrity endorsements, get a copy in writing of what every insurance plan covers, and consider doing somewhat of a background check on the company you narrow your choice down to. The Internet is a wealth or resources, and can help you make an educated decision on what coverage (and company) is going to best fit your needs. If you find a company you like but aren’t sure if they offer coverage in the state that the person needing coverage lives in, take a look online and see what plans are offered in your area and for how much. Long term care insurance is ultimately going to dictate the quality of life for an elder, and they deserve nothing but excellent service and affordability.
Tags: assisted living, long term care, long term care insurance, lonter term care coverage, nursing homes, pre-existing conditions, retirement
