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.
Is Long-Term Care Insurance right for you?
How a long-term care insurance policy works
When You Need Care
A licensed health care practitioner must certify you are chronically ill and submit a plan of care prescribing long-term care services.
Waiting for Benefits to Begin
When you purchase a long-term care insurance policy, you will select an elimination period during which time any costs for long-term care services are your responsibility.
Payment of Policy Benefits
You have the option to choose how to receive policy benefits. A traditional reimbursement benefit is payable after satisfying your policy’s elimination period. Or you can elect to receive a cash benefit with no elimination period to satisfy.
Continuation of Benefits
As long as you remain chronically ill and eligible for benefits, your policy will continue paying for covered long-term care services until your policy limit is reached.