Frequently Asked Questions About LTC Insurance

Below are some frequently asked questions about LTC insurance.

Insurance can seem intimidating, especially when talking about those policies that will protect you or your loved ones should something happen. It can be hard to discuss final expenses or costs your family will need to take on should you pass. It can be even harder to consider the possibility of needing long-term care due to injury or aging. Nearly 70 percent of Americans will need some form of long-term care in their lifetimes, which makes Long Term Care (LTC) insurance vital to discuss as you get older. Below are some frequently asked questions about LTC insurance.

What does LTC insurance cover? What doesn’t it cover?

A comprehensive LTC insurance plan will typically cover a variety of skilled nursing care, custodial care, intermediate care, adult daycare, and hospice care benefits. These services either take place at specialized facilities, like nursing homes, hospice facilities, assisted living facilities, or at the patient’s home. LTC insurance does not, however, cover any pre-existing conditions that were diagnosed or observed before the policy was taken out. It also does not cover mental and emotional disorders, except for certain forms of dementia and like diseases. Alcoholism, drug addiction, and injuries caused by self-harm are not covered by LTC insurance.

What does long-term care cost without insurance?

According to the federal government, around two-thirds of Americans will need long-term care at some point in their life, and without insurance, long-term care could cost anywhere from $20,000 to $100,000 out of pocket per year.  Long-term care is not typically covered by health insurance, disability insurance, or Medicare, so it is important to invest in a quality, comprehensive LTC insurance plan.

How much does LTC insurance cost?

The monthly cost of LTC insurance varies widely based on age, health, and geographical area.  To get a long-term care insurance quote, call our life & financial department at (888) 539-1633.

When should I buy LTC insurance?

Most policyholders invest in LTC insurance later in life, but the earlier you apply the better in most cases. Though those in their 60s may be more inclined to invest in a comprehensive LTC policy, those in their 40s and 50s may get better premium rates due to their decreased likelihood to need care soon and to their better overall health.

Will my premiums increase as I get older?

LTC insurance is designed to maintain the same premium rate throughout the life of the policy, but that isn’t a guarantee that your premium will never go up. Insurers are only allowed to increase premiums if it is deemed necessary by the state’s Department of Insurance. Your LTC premium will never go up due to your age, health condition, or if you file a claim.

Health Insurance Questions?

We hope this list of frequently asked questions about LTC insurance is helpful. 

Empower Brokerage wants to help you understand the insurance coverage you need and how to save money getting it. Stay on top of your health and give us a call at (844) 410-1320

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About Macee Hall

Originally from the snow-capped Rockies, Macee moved to Texas in 2016 to pursue an undergraduate degree in Strategic Communication. She currently serves as a writer and editor for Empower Brokerage, as well as the marketing manager for Preferred Senior Advisors. Macee is also working on her Master’s degree in management, and hopes to inspire others with her passion for telling stories through varied digital and print marketing efforts.

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