How Long Will a Long-Term Care Insurance Policy Pay Out?
You’re trying to plan ahead and maybe a family member, like a parent, was faced with the inevitable task of taking care of their spouse, sibling, or adult child who had been injured or disabled in an accident. Long-term care took its toll on them and when they finally realized they needed to rely on some other option, the cost was tremendous.
Long-Term Care Insurance San Diego CA – How Long Will a Long-Term Care Insurance Policy Pay Out?
You’ve been considering long-term care insurance for yourself and your family, but one of your concerns is just how long the policy will pay out. Most insurance policies will have a maximum payout amount. That means it will pay up to a certain amount of money. Other policies may pay for home care, assisted living, nursing home care, and other senior care options for many years.
In most cases, a long-term care insurance policy is designed to help protect assets, income, and wealth for an extended period of time. If a policy is only going to pay out for six months, that’s not exactly what long-term care is. Short-term care could involve a few weeks or several months. Beyond that, though, you begin getting into the realm of long-term care.
If an insurance policy is not going to pay out for at least a couple of years, that could be a serious problem. If somebody needs long-term care and begins receiving assistance through a series of visiting nurses and other home care providers, but the policy ends in about a year, was it really beneficial? That question becomes even more essential when one considers that they could have been paying into that policy for decades to help protect themselves and their family.
This is an important question to ask any insurance broker before taking on a policy. Find out exactly what it covers, how long it will provide coverage, and what the expectations are. It’s also far too commonly overlooked to find out exactly what types of care it does cover.
Will it cover assisted living? Does it provide coverage for nursing home care? Does it factor in home care services? If it provides financial coverage for home care, does that only include visiting nurses or will it also pay out for home care aides, individuals who provide physical support and assistance for the basic tasks of everyday life?
When you ask these questions and you get the answers that clarify the policy, it will be easier for you to determine which one is right for you, your family, and your future.
If you or a loved-one are considering Long-Term Care Insurance in San Diego CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.
I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate
I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care
I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.
Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit
2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine
National Speaker for Numerous Industry Meetings
Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance
Author of numerous published articles on long term care planning
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