Long Term Care Insurance

We Understand How to work with Your Long-Term Care Insurance Policy

At Caring Hearts of Rochester we know what your long-term care insurance company requires in order for you to receive benefits. Long-term care insurance (LTC or LTCi), long term care insurance infois an insurance product that helps pay the cost of long-term care.

Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

  • Individuals who require long-term care are generally not critically sick, but are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.
  • Usually a long-term care insurance company requires that a  policy holder needs assistance with two-three activities of daily living or to have a form of dementia, such as Alzheimer’s, in order to open a claim and begin paying benefits.

Age is not a determining factor in needing long-term care.

  • About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.
  • About 40% of those receiving long-term care today are between 18 and 64. Once a change of health occurs, long-term care insurance may not be available.

Long term care insurance is growing in popularity.

  • Premiums, however, have risen dramatically in recent years even for existing policy holders. Coverage costs can be expensive, especially when consumers wait until retirement age to purchase LTC insurance coverage.
  • Once a person purchases a policy, the language cannot be changed by the insurance company, and the policy usually is guaranteed renewable for life. It can never be canceled by the insurance company for health reasons, but can be canceled for non-payment.
  • Most benefits are paid on a reimbursement basis, meaning that the cost is reimbursed to the person after care services have been provided.
  • Long-term care insurance rates are determined by six main factors: the person’s age, the daily (or monthly) benefit, how long the benefits pay, the elimination period, inflation protection, and the health rating (preferred, standard, sub-standard).
  • Most companies will offer couples and multi-life discounts on individual policies.
  • Some companies define “couples” not only to spouses, but also to two people who meet criteria for living together in a committed relationship and sharing basic living expenses.
  • The average age of purchasers has dropped from 68 years in 1990 to 61 years in 2005, and the number of purchasers who are under age 65 has increased significantly.

Most policies have an elimination period, or waiting period, similar to a deductible.

This is the period of time that you pay for care before your benefits are paid (up to the limits of your policy) by the insurance company. Elimination days may be from 0 to 120 days. Some policies require intended claimants to provide proof of days of paid care before any benefits will be paid.

If you have long-term care insurance, do not delay. Call Caring Hearts of Rochester and we will assist you in understanding your policy benefits and how you may be able to improve your life today. Call us at 585-245-0134 for a no-obligation estimate of your benefits.