In Part 1 we learned how long term care insurance can preserve our assets and maintain our indepence. We also learned of the chances we may need long term care insurance. Today we are going to help you understand the common definitions of terms pertaining to long term care insurance.
- Benefit Amount – the maximum amount that your policy will provide to you to cover your needs on a daily or monthly basis.
- Benefit Period – the minimum period of time you can expect your coverage to last.
- Elimination Period – think of this as a deductible. It is the amount of time (in days) that you pay for the cost of care for a limited period of time before the insurance company begins to pay benefits for you on an eligible claim.
- Inflation Protection – to keep up with the rising costs of care, this coverage helps your benefits grow. However growth may not be guaranteed with all inflation options. Your insurance advisor can check for further details.
- Total Coverage – this is a “pool of money” that your benefits will be paid.
- Waiver of Premium – once you begin receiving benefits, your premiums will be waived.
- Respite Care – short-term temporary care.
- Bed Hold Benefit – if you are in an assisted living facility or nursing home, your room will be reserved for you up to a determined number of days.
Companies will also include various built-in benefits at no extra cost to you. Some types of benefits include caregiver training, durable medical equipment, modification of your home so you can stay there, medical alert systems. Check out Kiplingers for informative videos regarding long term care.
Putting a financial plan in place now can help you preserve both your savings and your peace of mind. Face your future with confidence knowing that you will have your plans in place for the caregiving you want to receive. For more information on long term care insurance, contact our office today by visiting our website. One of our representatives will be happy to discuss this coverage with you. Financial security and peace of mind – that’s what you’ll find the The Weimer Group.