An Introduction to Long Term Care Insurance
Pete Webb Agency of Fredericksburg, VA wants you to have a clear understanding of all of your insurance possibilities. If you have not learned about long term care insurance yet, read on to find out how it can help you over the long-term. A type of health insurance, long-term care insurance, pays for long-term services like assisted living or a rehabilitation facility. It also may cover in-home care. It reimburses the policyholder a pre-set daily amount to pay for daily living assistance like bathing, dressing, eating or psychiatric care that includes therapy and medication. Premiums vary for long-term care policies. The cost depends on the following factors:
- your age when you purchase the policy,
- the policy maximum per day,
- the maximum length of time a policy will pay,
- a formula that multiplies the maximum per day payment times the length of coverage.
Apply for long-term care insurance while you remain healthy. Most policies require medical underwriting. You may have to undergo a medical exam. If you already live in a long-term care facility or use in-home care or experience poor health, you probably will not qualify. You can obtain this type of coverage as a private, individual experience or as part of an employer-based group plan. You’ll have a multitude of coverage options. You can add care coordination or adult day care to many policies. Some pay for home modification. Come by to talk to Pete Webb Agency of Fredericksburg, VA about long-term care policy options. You may not have considered it before, but it can help you if you suspect you may develop problems in time due to a family history of diabetes, heart attacks or other health problems.