As our loved ones age, there may come a time when they need to receive long-term care or move to a long-term care facility. Long-term care can be extremely expensive, and as a result, some choose to take out a long-term care insurance policy ahead of time.
Long-term care insurance is one method by which the costs of long-term care can be largely covered or reduced. However, long-term care (abbreviated as “LTC”) insurance policies can be very expensive and they need to be purchased before long-term care is actually required. Some LTC policies have limitations and loopholes that still leave significant long term care costs to the policy holder even if they bought it ahead of time. This is why it’s very important to know what the specific policies of your LTC insurance are.
For example, some long-term care insurance policies have a “waiting period” before the policy will kick in. This means that you will need to pay for long term care out of pocket at first, often for 30 days or more, until the policy will start covering the ongoing costs.
Some LTC insurance policies have maximum lifetime limits that cover the costs of care until that maximum dollar amount is reached. Once that maximum dollar amount is reached your loved one will be required to pay out of pocket for continued care. In selecting a LTC insurance plan, you need to do you research and choose the right plan for you or your loved one.
If you or your loved one has LTC insurance, and you need to go to a long-term care facility, you should contact the long-term care facility and make sure that your insurance will be accepted there. Not all long term care insurance is accepted at every facility. If it is accepted, you should verify with them exactly what items are covered and what expenses you may have to pay out of pocket. This will help you keep your budget in place without any surprised that could hurt your bottom line.
If you have any questions about your care options free to reach out to us at Scott Counsel. Our goal is to provide you with the best care planning services that meet your needs and circumstances. Our team would be glad to help you.