WE WORK WITH MANY INSURANCE COMPANIES
Most commercial and private health insurance policies typically cover some home healthcare services for acute medical needs or treatment of chronic conditions in addition to comprehensive hospice services. However, the benefits offered for long-term care services often vary from plan to plan. While insurers will generally pay for in-home medical services with a cost-sharing provision, personal care services are not always covered, which can make it necessary to purchase Medigap insurance, long-term care insurance policies, or pay out-of-pocket for additional homecare coverage.
Long Term Care Insurance Policy Benefits
Most Long Term Care Insurance policies pay a daily reimbursement amount for the cost of care up to a daily or monthly maximum.
Home Health Care
The top ten Long Term Care Insurance plans all offer 100% of your benefits for home health care. However, many group Long Term Care plans you might buy at work do not offer 100%. Often the group Long Term Care Insurance plans will reduce your home care benefits to 50–75% whereas a privately purchased plan will cost you less money and provide you 100% home health care benefits.
Benefit Period: How Long Will You Need Care?
A core “moving part” in Long Term Care policies is benefit period. Simply put, the benefit period is a main building block in calculating the value of your policy. It’s something you choose when we start to design your plan. Your options are 2, 3, 4, 5, 6, and 10 years, as well as unlimited (lifetime) coverage.
Automatic Inflation Protection
Automatic inflation protection is the foundation of a good Long Term Care Insurance policy. With compounding, your benefits can double, triple, or even quadruple over time giving you more money when it’s needed most.
Elimination Period (also known as your Deductible)
The elimination period is the time that has to pass before the Long Term Care Insurance will begin paying benefits. Most companies offer a 30-, 60-, 90-, or 180-day elimination period. The longer the elimination period the lower your premium will be.
Older policies required the elimination period to be consecutive days of care but modern plans are usually more friendly. Days do not have to be consecutive and it’s a “once in a lifetime” deductible.