Long-Term Care Insurance Basics

Long-Term Care Insurance Basics

Long Term Care Greenwood Village, COUnderstanding the basics of long-term care insurance can help you find the right amount of protection.

Long-term care insurance is one of the most misunderstood policies out there. The coverage provided by long-term care insurance can range from help with simple activities, such as dressing and eating, to skilled care provided by therapists or nurses.

Each policy will offer slightly different coverage options, so choosing a policy with flexible options can help to ensure that it will meet your future needs. The amount that your policy will pay out can differ for various covered services or can be a flat rate for all services. However, most policies come with a limit of the amount of benefits that you can receive, either by the dollar amount or number of years.

Before you can start receiving the benefits, certain conditions, known as “benefit triggers,” have to occur. Most insurance providers will look at the inability to perform “activities of daily living” or ADLs, to decide when your benefits can start being received.

In most cases, your benefits will start when you require help with two or more ADLs. Needing help with eating, bathing, dressing, walking, or using the toilet are some of the most common ADLs that are used. When looking for the right policy, ensure that bathing is a benefit trigger, since it often becomes one of the first tasks that you cannot do on your own.

Just like all other insurance policies, there are various coverage exclusions with long-term care policies. Common exclusions include mental disorders, drug and alcohol abuse, and self-inflicted injuries. Since every policy is a little different, make sure to talk with your agent to find out if your policy has any exclusions.

For all of your long term care needs to ensure you have the coverage you deserve throughout your life, contact Employee Benefit Plans Inc. in Greenwood Village, Colorado.