How Does a Long-Term Care Insurance Policy Work?
Looking into long-term care insurance can be confusing at first. Not many people actually have much experience with long-term care insurance and few ever really consider this type of policy.
Whenever considering an insurance policy it’s a good idea to be clear on what to expect, how it works, and how important it is. Let’s talk about how a long-term care insurance policy may work. Some policies and companies that offer these policies may have nuances that will change the way their particular policies work, but this is a general assessment.
Long-Term Care Insurance Quote Rancho Penasquitos CA – How Does a Long-Term Care Insurance Policy Work?
You pay a premium.
As with almost every other type of insurance policy out there, you will be responsible for paying a premium every month. You may have to pay a specific amount up front to get the policy going, but whether you do or not you will pay a premium every month.
This premium amount will depend on numerous factors, including your age at the time you start the policy, your health, your policy coverage, and a number of other terms.
You establish a dollar amount to pay out.
If you’re trying to protect your income and assets in the event you have some disability or injury that requires long-term care, you need to establish how much the policy will pay out, at a maximum. As with health insurance deductibles, automobile insurance, and more, you can determine the amount of your premium (such as bringing it down) by working with the dollar amount the insurance company may have to pay out in the event you require long-term care.
When triggered, the policy starts paying out for a set period of time.
‘Triggered’ means if and when the time comes where you or any other person who is covered by the insurance policy requires long-term care. If the policy is triggered due to a medical crises, accident that resulted in injuries, major surgery, and more, then it will begin paying out for either home care, assisted living, nursing home care, or some other specific type of coverage for a specific length of time.
Certain physical and/or mental impairments may trigger benefits.
A person could develop dementia, which includes Alzheimer’s, or be injured in a slip and fall accident. Whatever physical or mental impairment triggers benefits, it has to be specifically outlined in the policy.
When you look into getting a quote for long-term care insurance, make sure it’s going to cover you for the issues that are of greatest concern to you.
If you or a loved-one are considering a Long-Term Care Insurance Quote in Rancho Penasquitos 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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