Long-Term Care Insurance
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Long-Term Care Insurance Information
Long-term Care Insurance in Ohio
Age and illness are two things that you cannot control. Though you might do everything you can to stay healthy, you might not be able to avoid a chronic illness, and you certainly can’t stop getting older.
Still, even if age or illness makes you more dependent on others than you once were, that doesn’t mean you can’t live a secure life. With the benefits offered by long-term care (LTC) insurance, you’ll be able to receive affordable, essential assistance with living a stable, healthy and safe life.
Long-term care insurance is a very helpful benefit that you might not even realize you need. Still, no matter how carefully you plan for the future, you can’t predict all of your future care needs. If you have the right LTC plan, you’ll still have coverage for many of these cost risks if they ever arise.
For help getting LTC coverage, come to Wilber-Price Insurance Group. We offer quality personal insurance options that are guaranteed to protect all parts the policyholder’s life and assets.
Call us at (800) 797-2016 or request a quote now.
Common Long-Term Care Insurance Questions
What is Long-Term Care Insurance?
Age, chronic illnesses, disabilities or some combination of each might make it harder for you to take care of yourself. You might need help dressing, eating, going to the bathroom, moving around or performing other everyday tasks. Though professional care for such services is expensive, long-term care insurance is designed to make it attainable for you.
When you need special care, whether in your own home or a facility, you can file against your long-term care insurance. Your plan will then help you pay the necessary expenses and save you from having to spend your personal money just to remain safe and well.
How Does Long-Term Care Insurance Work?
You deserve to live a comfortable life no matter what challenges you might face. Long-term care plans can pay for a variety of assistive services, including:
Even if you have health insurance, that doesn’t mean that it will provide unlimited coverage for services like these. Health benefits are often limited in these cases, but long-term care insurance will provide you with more expansive coverage for a longer period of time.
Indemnity vs. Reimbursement Long-Term Care Insurance
There are two primary types of long-term care plans:
Reimbursement LTC Policies
Under a reimbursement plan, you will choose a daily or monthly cost limit for your insurance to pay. Your daily limit might be $200, for example.
If you only receive $150 worth of care on a given day, then your plan reimburses you for $150. The leftover $50 remains available for future use. This is a great benefit because you can keep your plan funded with money saved from not reaching your daily limit.
However, if you receive $300 worth of care, then your plan will only pay $200 and you will have to pay the remaining $100. That’s why it’s important to choose a reimbursement benefit that closely matches your care needs.
Indemnity LTC Policies
With an indemnity plan, you will receive the same daily benefit, regardless of the actual cost of the care. So, even if you only receive $150 worth of care, but have a $200 daily benefit, then you will still receive $200 in compensation.
Indemnity plans have their own perks. For example, you can put money left over from care into the bank, which will help you save money that you can potentially use for additional expenses. This could enable you to receive more care in the future.
A third type of plan is a cash benefit LTC policy. It has similarities to both reimbursement and indemnity plans. However, it provides you a cash benefit that you can use to pay almost anyone for anything.
Under typical LTC plans, you might be limited in the costs you can file claims for. However, with a cash benefit plan, there are fewer restrictions. You can use your care both at home and in facilities, and you can even pay family members if they are the ones who care for you.
How Much Does Long-Term Care Insurance Cost?
There are many factors that can influence the cost of your long-term care plan. However, these plans can be extremely budget-friendly. They are far and away more affordable than any cost of care that you might be able to use them for.
It’s always better to get your plan sooner rather than later. The earlier you buy, the more likely you are to lock in low rates for the future.