Long-Term Care Insurance in Rockville Centre, New York
Long-term care insurance is designed to provide financial assistance for the costs associated with extended care services, such as nursing homes, assisted living facilities and in-home care.
Contact United Benefit Solutions, LLC in Rockville Centre, New York, to learn how long-term care insurance can help meet your future medical care needs.
What Is Long-term Care Insurance?
Long-term care insurance may help cover expenses related to long-term care services not typically covered by standard health insurance or Medicare, including assistance with activities of daily living (ADLs) such as bathing, dressing, eating, toileting, transferring (e.g., getting in or out of a bed or chair) and continence. It may also cover care services for individuals with cognitive impairments like Alzheimer‘s disease or other forms of dementia.
How Does Long-term Care Insurance Work?
When you purchase a long-term care insurance policy, you pay a premium in exchange for its coverage. The policy outlines the specific benefits, waiting periods and limitations of coverage. Long-term care insurance typically encompasses the following:
- Eligibility assessment—To trigger long-term care insurance benefits, you must satisfy the criteria outlined in your policy. This usually involves being unable to perform a specified number of ADLs or requiring substantial supervision due to cognitive impairment.
- Elimination period—Also known as the waiting period, this is the initial period during which you are responsible for covering your long-term care expenses. The duration of the elimination period varies depending on your policy but often ranges from 30 to 90 days.
- Benefit triggers—Once the elimination period has been satisfied and you meet the eligibility requirements, the insurance policy provides benefits according to the policy’s terms. These benefits can be a daily or monthly maximum payout, which can be used to cover the costs of long-term care services.
- Coverage limits—Long-term care insurance policies have coverage limits, which can be a maximum dollar amount or duration. Reviewing the policy’s coverage limits to ensure they align with your needs is essential.
Why Buy Long-term Care Insurance?
Purchasing long-term care insurance can help safeguard your financial well-being. The following are compelling reasons to consider long-term care insurance:
- Preserving assets—Long-term care services can be costly and paying them out of pocket can quickly deplete your savings. Long-term care insurance helps protect your assets, allowing you to allocate funds towards other financial goals or pass them on to future generations.
- Maintaining independence—Long-term care insurance can empower you to receive care in a setting that aligns with your preferences, whether that’s your own home or an assisted living facility.
- Relieving loved ones—By having coverage in place, you reduce the need for family members to shoulder the responsibility of your long-term care expenses.
- Inflation protection—Many long-term care insurance policies offer inflation protection options that adjust the coverage amount over time to account for the rising costs of long-term care services, ensuring that your benefits keep pace with inflation.
- Care options—Long-term care insurance policies typically offer flexibility regarding care settings. You may be able to choose to receive care in a nursing home, assisted living facility or your own home, depending on the terms of your policy.
How to Get Long-term Care Insurance
You can get long-term care insurance by reaching out to one of our agents for further discussion about your needs. Contact us today to get started.