Protection For The Long Term

While we may not like to think about it, many Americans are faced with the fact that we ourselves are aging, as are our parents and other loved ones. Long-Term Care Insurance can protect your family’s financial future and help provide for the medical expenses that come with the costs of nursing home placements, assisted living arrangements, or extended home-health care for those loved ones who are unable to perform the basic day to day activities of daily living on their own. Often, a Long Term Care Policy can be the only circumstance that can keep you or a loved one out of a nursing home because the benefits cover in home nursing care.

At Landmark Insurance & Financial Group, we offer extensive coverage options. The costs of Long-Term Care can be expensive and are typically NOT covered under your basic Health Insurance, Medicare, or Medicaid. Speak with one of our Health Care Specialists at Landmark Insurance today about your Long-Term Care options including:

  • Home Care
  • Assisted Living
  • Adult Daycare
  • Hospice Care
  • Nursing Homes
  • Respite Care

Individuals looking to purchase Long-Term Care Coverage must meet certain requirements in order to qualify for benefits and coverage. Call Landmark Insurance today and speak with one of our Health care specialists about Long-Term Care Insurance. There are many factors that determine your premium. These include:

  • Benefit Period
  • Monthly Benefits
  • Inflation Protection
  • Waiting Period
  • Tax Credit
  • Alternate Funding
  • Life Insurance & Annuities

Terms to Know When Shopping for LTC Insurance

Benefits: The amount the insurance company pays for covered services.

Tax-Credit: The premium tax credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange, beginning in 2014. The size of your premium tax credit is based on a sliding scale.

Elimination Period (Waiting Period): A type of deductible; the length of time the individual must pay for covered services before the insurance company begins to make payments. Increasing your policy’s elimination period reduces the premium, because the insurance company has to pay less benefit. Another term for this is a “waiting period.”

Benefit Period: The benefit period refers to the length of time that the benefit is paid once you have satisfied the elimination period and are on claim. Policies commonly pay for two, five or 10 years and to age 65, 66 or 67. The longer the benefit period, the higher the cost will be. Your benefits stop when you return to work in your occupation, or depending on the contract to another occupation making the same income.

Inflation Protection: A policy option that increases benefits levels to cover expected increases in long-term care services’ costs.