Long Term Care Insurance Center

Top Long Term Care Insurance Articles

In its broadest definition, insurance is a way to protect against loss or harm from a specified contingency or peril. You might take vitamin C as insurance against a cold. You might take someone with you when you walk down a dangerous street at night to insure against being mugged. And if you are mugged, you might need health insurance to help pay for doctors to put you ... Read Article

Long Term Care Insurance Articles

Click title to view all articles within the topic

• Long Term Care Insurance Articles
  • What is insurance? What is long-term care insurance?
  • Critical question: should I invest in long term care insurance or look at other investments?
  • Different ways to buy long term care insurance
  • How much does long term care cost?
  • Tax-qualified and non-tax-qualified long term care insurance policies
  • The application process and underwriting of an individual long term care policy
  • Types of long term care insurance policies
  • When should you buy long term care insurance?
  • Who should buy long term care insurance?
  • Why should you buy long term care insurance?

Long Term Care Insurance Q & As

(click plus icon or title to expand all questions within the category)

• Basics
  • What is long term care?
  • How long is “long-term”?
  • Who pays for long term care?
  • Who should consider purchasing long term care insurance?
  • Why should someone 45 years old worry about long term care?
  • Where can I get long term care insurance?
  • Why is it important to know how much nursing facilities charge in your area and the type of care you will receive?
  • I can buy nursing home insurance. Is that the same as a long-term care insurance?
  • Does medicare cover long term care?
  • Does medicaid cover long term care?
  • Will a long-term insurance policy affect my eligibility for medicaid benefits?
  • Does medical insurance cover long term care?
  How Much Do I Need
  • What are the factors I should consider in analyzing my need for coverage?
  • Is there a certain amount I should buy?
  • Now that I know what to consider, How do I determine what to buy?
  • What if I have enough saved to pay for extensive long term care?
  • Can anyone who can afford it buy a long term care policy?
  • My only source of income is social security. Should I buy a long term care policy?
  • My mother has early onset parkinson’s disease. Will she be able to purchase a policy?
  • Do plans offer unlimited lifetime benefits?
  • Do I need multiple policies to get enough coverage?
  • Suppose I buy at age 45, Won't I be paying more in premiums than I might ever get in benefits?
  Long-Term Care Policy
  • What kind of care is covered by long term care policies?
  • What activities are included in the adls (activities of daily living)?
  • What services are typically not covered?
  • How does a comprehensive policy differ from a non-comprehensive one?
  • How soon do I get benefits?
  • What is a cognitive impairment?
  • Will I have to be examined by a doctor to buy long-term insurance?
  • What about pre-existing conditions?
  • Do I need to give personal information about my medical condition and finances to get long-term care insurance?
  • What happens to the medical information from my application?
  • What happens if I make a mistake on the application?
  • Are long term care policies standardized like medicare (medigap) supplements?
  • If my sister performs the service in my home, Will the policy provide the benefits?
  Features Of A Typical Policy
  • Renewability
  • Free-look periods
  • Waiver of premiums
  • Elimination periods
  • Home health and convalescent benefits
  • Pre-existing conditions
  • Types of facilities and levels of care
  • Alzheimer’s disease and senile dementia
  • Amount of coverage
  • Lifetime maximum benefits
  • Daily/monthly benefit amounts
  • Return of premium
  • Inflation rider
  • Non-forfeiture clause
  • Non-cancelable clause
  • Bed reservation benefit
  • Restoration of benefits
  • Cost of policy
  • Incontestability
  Tax Implications
  • There are tax-qualified and non-tax qualified plans: a brief word
  • How do I identify a tax-qualifed plan?
  • What are the qualifications for the tax deduction?

• How Much Does It Cost
  • How are premiums calculated?
  • Are discounts generally available for married couples?
  • Do I have to pay premiums until I die?
  • I have done my homework and know what to buy and from whom to buy it. However, I suffered from sticker shock when I investigated the price. What should I do?
  • What if I miss a premium payment—do I lose my insurance?
  • Can I have the premiums automatically deducted from my bank account?
  • Can I renew my coverage?
  • Can I change my mind and get a full refund after buying a policy?
  • What should I consider before I swap an old policy for a new one?
  Choosing The Insurance Company
  • Shopping for coverage. How do I determine from whom to buy?
  • Should I worry about the company’s financial soundness?
  • How do I check up on a company’s financial strength?
  • What services examine and rate insurance companies?
  • What happens when a company becomes insolvent and is liquidated?
  Claims
  • Do I have to be hospitalized before the policy will pay for long-term care services?
  • Can a company refuse to pay a claim?
  • What is the difference between benefits paid on the reimbursement method and the indemnity method?
  Glossary
  • Glossary of long term insurance terms