Long Term Care Insurance Explained, How It Works
As most people get into their 60s Medicare and Long Term Care insurance becomes front and center as a topic of conversation. Medicare is complex and does need your attention as you approach the typical enrollment age of 65. But Long Term Care insurance in Atlanta, also known as LTC insurance, should not be overlooked. Long Term Care assistance can wipe out a small to medium sized retirement nest egg. Long Term Care Insurance In Atlanta offers different plan options than in other parts of the country. It’s important to have LTC insurance, but educate yourself on the options first.
If you live in and around the Atlanta, Georgia area, or North Georgia area for that matter, we would enjoy meeting with you in person about Long Term Care Insurance and Medicare Insurance. We typically meet clients at their home or at a near-by coffee shop. We are no-pressure independent insurance agents. Your meeting with us at no cost to you.
We look forward to working with you soon! Below are some common questions we get from clients about LTC insurance. I hope these will help you in understanding Long Term Care insurance a little better.
What Does Long Term Care Insurance Cover?
Long Term Care Insurance helps cover the cost of assisted living. Two decades ago “assisted living” meant that you had to go into a nursing home facility, but with today’s Long Term Care insurance plans many of them will cover your care in a nursing home facility or in the comfort of your own home.
When would Long Term Care Insurance start paying?
Long Term Care Insurance typically starts paying once you lose 2-3 Activities of Daily Living (ADLs). Some of these ADLs are the ability to feed yourself, bathe yourself, go to the bathroom on your own, transfer from a bed to a wheelchair, etc. The loss of at least 2-3 of these ADLs will have to be certified by a physician in order to get approved. Once the LTC insurance coverage starts to pay out you are then “on-claim”.
How much Does LTC Insurance Cost?
The younger you are the cheaper the Long Term Care Insurance will be. The prime age to get LTC insurance is right around age 60, but even if you are age 70 and older there is a good chance you can get some level of Long Term Care insurance if you are in good health. Along with age, and health status, the area where you live can affect the monthly cost of the Long Term Care Insurance. For someone near age 65 and in good health a typical traditional policy is around $2,000 per year (this is a “ballpark” figure and may not reflect your exact situation, please contact us for a specific quote).
Does Long Term Care insurance look at my current health conditions when I apply?
Yes, when you apply for LTC insurance you will be underwritten, which means they will ask health questions and will perform a health evaluation. Insurance companies view health conditions differently, that is why it is important to work with a Long Term Care Insurance Broker like us, SeniorSource Medicare Solutions. We are independent insurance agents that will “shop” the best companies and plans for your situation.
Is there more than one type of Long Term Care insurance plan?
Yes, there are several design options to choose from with LTC insurance plans. They are commonly referred to as traditional, hybrid, and asset-based LTC insurance policies. These options depend on your situation and the way you desire your plan to be structured. This could mean a permanent monthly plan premium, a 10-pay, where the premiums are paid over a 10 year period of time, or one-time lump sum payment.
In Closing...
There are a lot of choices to consider when customizing your Long Term Care insurance plan. You should know all your options before picking the right Long Term Care Insurance for you. Jay Looft and the team at SeniorSource can help guide you every step of the way. Call us today or send us a message using this Contact Us link.