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As you age, you may need help with things you’ve always been able to do yourself – shopping for groceries, fixing meals, cleaning the house. You may also need help with personal services, like bathing, dressing or taking medications. A long-term care insurance policy is designed to help you pay for these types of services.
A long-term care policy can become a huge part of your retirement portfolio as it only takes one long term care event to quickly wipe out your savings or assets.
Long Term Care insurance rates are based on the age and health of the client. The sooner you invest in a long-term product the lower the premium will be. The age of the policy or the years that you have the policy in affect will determine how much you will have to utilize as a payout for your long-term care.
When you purchase a long-term care insurance policy, you will select an elimination period (The waiting period, number of calendar days, before policy benefits are payable to you.) during which time any costs for long-term care services are your responsibility.
A licensed health care practitioner must certify you are chronically ill and submit a plan of care prescribing long-term care services.
Chronically ill is usually defined as 2 of 6 daily living activities for at least 90 consecutive days or you need continual supervision due to a severe cognitive impairment.
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