Everything you need to know about LTCI

Paper umbrella and person with Long Term Care Coverage

Long-Term Care Insurance is a specific insurance policy that is designed to protect you when and if you require long-term care. Long-term care is defined as assistance for in-home care such as eating, dressing, bathing, or ongoing care in an assisted living facility or nursing home. You become eligible for your policy benefits once you are in need of these services.

More than half of the American population will need some form of long-term care in their senior years, and although some may be able to rely on family or other forms of unpaid care, the majority will require paid care. Long-term care is typically not covered under Medicaid or Medicare, and it is important to understand what policies are right for you and your family. A good LTCI policy can help protect you from unplanned expenses that could be detrimental to your finances as a senior.

What is Long Term Care Insurance

LTCI, or Long-Term Care Insurance is a type of insurance policy that supports long-term care services in and out of your home. Like other types of policies, there are many different coverage options available, and it is important to fully understand the concept before making any decisions to make the best choice to support your future.

What does it Cost and How Do I Get It

The cost of your insurance depends on which policy you choose and to what extent of coverage you choose. The younger you are when you decide to take on this policy, the lower the premium maybe be. Other items that factor into the cost of your policy are additional benefits you may choose, the total lifetime amount, the yearly amount, and the total number of days the policy will pay and cover. Unfortunately, your current health status and preexisting conditions can affect your ability to obtain coverage. Call our team at AIB to discuss your policy options and how to secure yours today.

What do LTCI Policies Typically Cover

LTCI policies pay for the cost of care when policy holders need extensive, long-term care such as daily help in their home, or nursing home care. LTCI typically does not cover medical care but may cover occupational or speech therapy. As per any insurance, each policy option differs in what coverage they offer and which conditions they cover.

How do You Decide Which Policy is Right for You

When determining which policy is right for you, there are a few things to keep in mind. Have a clear vision of the goals for your future, and make sure that the policy you choose aligns with those. It is important to keep your present and future finances in mind, especially if you are set on leaving money to family members or friends. It’s important to note that if you stop paying your premiums (monthly payments) then you are no longer eligible to receive the benefits from your policy. On the other hand, if you never have to use your policy benefits, you will not receive any money back. Typically, your premiums are waived if you are receiving your benefits.

Let AIB Help You Find Coverage

Contact our Advisors Insurance Brokers team to discuss which policies are right for you. Our expert brokers will educate you on available options, help you make the best decision for your future. Give us a call today at (800) 695-8224.


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