According to the U.S. Department of Health and Human Services, 70 percent of 65-year-olds will require some form of long-term care, which is not covered by regular health insurance. Long-term care insurance policies pay out a daily amount for a preset span of time, which could be as little as two to six years or for the remainder of a lifetime.
Eligibility for Long-Term Care Insurance
Many insurance companies have the right to deny your application for long-term care insurance if you answer yes to any of the following:
The Cost of Long-Term Care Insurance
Long-term care insurance can be bought from an insurance company or through an agent, and some employers offer long-term care coverage that can be purchased from the company's insurance provider at a group rate.
The cost of long-term care policies are based on a few key factors:
Be aware that the premium costs could go up after a policy is purchased. Prices are not necessarily guaranteed to stay the same.
As long-term care insurance policies vary in their benefits, it's worth taking the time to shop around to find the best policy that fits your needs and budget. You can find out which insurance companies offer long-term care coverage in your state by contacting your state's Department of Insurance.
Receiving Long-Term Care Benefits
Having a long-term care insurance policy means being equipped to receive help with the personal care needs that can arise with aging, but it's possible that some services won't be covered. Just as you have to qualify for buying long-term care insurance, you also have to qualify to receive the payouts from your policy.
Eligibility for Receiving Long-Term Care Benefits
Eligibility to receive long-term care benefits is a two-phase process: