Assistance with Long Term Care Insurance
Understanding Long Term Care Insurance
As our loved ones get older, family members usually start to worry about the special attention and care they need and how they will pay for it.
Needs like personalized in-home health care, skilled nursing and assisted living for seniors, are not covered by Medicaid, Medicare or any other health insurance by being considered non-medical services.
That’s why investing in a long-term care insurance (LTCI) is a great way to prepare for the future of your loved ones, and keep some peace of mind for you and your family knowing that they will be in good hands as they age.
Key Components To Consider When Purchasing a Long Term Care Insurance Policy
Important things to note when purchasing a long-term care policy are the benefit amount, the benefit period, and the elimination period. These terms refer to the period of time and services covered by the LTCI policy.
It’s also recommended to make the long-term care insurance investment before a senior health deteriorates or emergencies occur, in that way you can make sure that you are giving your loved ones the best care and also be financially prepared for any situation.
What Are The Benefits Of Purchasing A Long Term Care Insurance
By purchasing an LTCI policy you are:
- Paying for professional care and giving your loved ones the care they need.
- Helping family and friends by relieving them of caregiving tasks
- Maintaining your financial stability, preventing the need to borrow money for long-term care costs.
- Allowing your loved one to choose where and how he receives care.
- Increasing the variety of services and support your senior loved one receives care.
Using Long Term Care Insurance For Home Care Services:
Most insurance policies state that a policyholder must require assistance with at least two activities of daily living, that’s why the standard long-term care insurance policies will include five or six of the following activities of daily living:
- Grooming (assistance with personal hygiene)
- Showering & Bathing
- Feeding (not including chewing or swallowing)
- Ambulation (help with mobility or transferring)
- Toileting
- Dressing
Filling LTCI Claim Forms
If you already have a long-term care insurance policy that you’ve been paying for years, chances are that you are misguided and need to activate that policy. To ensure that you will get the coverage you’ve paid throughout the years to follow these simple steps:
Step 1: Know what your policy covers/pays for:
It’s important to get familiar with your policy, before starting the claim process. If you don’t have a copy of the policy, make sure to call and get a copy. Remember, this could take a week or longer, but it’s worth it.
Step 2: Ask Questions Before You Start the Claim Process
Filing a claim without knowing what is in your policy, and how it works is not good. So, once you call your insurance agent and know the details of your policy and how it works, you have a better chance of getting the claim approved, and getting reimbursed for your care needs.
Step 3: Choose the right care provider
Choose the right care provider that is familiar with long-term care insurance, and knows how to bill the policy so you get paid quickly and in full.
Step 4: Monitor and track your policy limits:
Lastly, make sure to continue to monitor and track what your policy limits are, and find a provider who can assist you in tracking your limits. This way, it can help determine how much of your benefit was utilized, and how much of your benefit still remains.
Usually, policies are difficult to understand, and their benefits will depend on the type of LTCI plan you purchase. Here at Right at Home: Palm Beach Gardens, we can give you the professional assistance you need to understand the LTCI policies and get the most out of your benefits.
