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Long-Term Care Insurance

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What is Long-Term Care Insurance?

Long term care insurance, unlike traditional insurance, is centered around covering long term services and supports. This can include both personal and custodial care in various settings, such as your home, a community organization, or other facilities. The insurance policies of long-term care insurance reimburse policyholders for services that help with routine daily activities such as bathing and eating. A wide range of benefits and care options can be chosen to provide you with services in both nursing home facilities and the policyholder's own home.

Who Needs Long-Term Care Insurance?

Every family can benefit from long term care insurance, and it should be a part of any retirement plan. While you may like to believe that you will never need it, statics show that 70% of people over 65 years of age will require some sort of long-term care services during their life. With the average annual cost of a private nursing home being $91,250 and the average annual cost of home nursing care being $80,300, the need for long term care insurance is vital to reduce out-of-pocket costs. Traditional medical insurance programs and government medical insurance programs, such as Medicare and Medicaid, often do not provide the amount of help needed to make long term care services affordable to both yourself and your family.

What Long-Term Care Insurance Options Do I have?

Long-term care insurance policies provide you with a variety of coverage options and benefit periods:

Coverage Type:

Comprehensive Coverage - Long-term care insurance with comprehensive coverage allows you to use the policy in order to assist with covering expenses of in-home care or care from an assisted living facility.

Facility-Only Coverage - Long-term care insurance with facility-only coverage only helps cover the costs of expenses in an assisted living or skilled nursing facility.

Benefit Period:

3-Year - With a 3-year benefit period, your maximum lifetime benefits are designed to assist in covering 3 years of long-term care expenses.

5-Year - A 5-year benefit period establishes a maximum lifetime benefit designed to assist in covering 5 years of long-term care expenses.

10-Year - With a 10-year benefit period, the maximum lifetime benefit established is designed to assist in covering 10 years of long-term care expenses.

Daily Benefit:

With a long -term care insurance policy from Scott Marcum, your budget and projected needs establish the daily benefit provided by the policy. This amount, in combination with your chosen benefit period, determines your maximum lifetime benefit, and affects your premium.

Elimination Period:

All long-term care insurance policies come with an elimination period that you may select. This serves as your deductible or out-of-pocket cost. You may select from a 30-day, 90-day, or 180-day one time, lifetime elimination period. After your selected elimination period passes, your benefits will begin to be paid.

Additional Features and Benefits:

A variety of special features and benefits that help you customize your long-term insurance policy, such as compound inflation to increase your maximum lifetime benefit annually. Scott can help you determine which of these benefits can best assist you based on your age and policy specifications.