Long-term care insurance is a host of services that your regular health insurance doesn’t cover.
Chances are you will eventually need some assistance taking care of yourself later in life. But how will you pay for it? Purchasing long-term care insurance is one solution to prepare. Long-term care is a host of services that your regular health insurance doesn’t cover. This may include assistance with day-to-day activities such as dressing, bathing, feeding, or getting in and out of bed. Keep reading to learn more regarding this insurance.
Understanding Long-Term Care Insurance
This policy type ensures that you will have money to cover some part of the bill despite needing care. It usually kicks in when you can no longer complete at least two out of several of your daily activities. In addition, the benefits typically have a 30-to 90-day wait period before they start working. Since staying at a nursing home is costly, traditional long-term care insurance is necessary to keep your savings account manageable, especially if the stay is lengthy. Also, conventional long-term care insurance may cover your time at a nursing home facility for a certain number of years. Another advantage of this policy is that you may add an inflation rider to the policy. An inflation rider can adjust and increase your daily benefits over time.
Integrating Life Insurance
Another option that has become common over the years is combining life insurance with long-term care insurance. A hybrid policy enables you to access the death benefit (money beneficiaries would receive if you passed away). Even while you are alive, this money goes towards long-term care. If you don’t use your long-term care, your heirs would still receive the full payout. These premiums are usually noncancellable or fixed, and the payout is usually a large, one-time lump sum. In addition, hybrid policies are generally the last option and work ideally if you don’t qualify for long-term care insurance because of medical underwriting.
Fortunately, the insurance brokers at Malden Solutions have your best interests at heart! Insurance agents usually represent a company and want what is best for the company, but our team wants what is best for you. Contact us today at 410-435-4937!
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.