Virtually all policies now cover alzheimer alzheimer’s disease and no longer require a hospital stay before paying nursing home benefits different options are available under…

Try: Virtually all policies now cover alzheimer alzheimer’s disease and no longer require a hospital stay before paying nursing home benefits different options are available under different policies these are eligibility if you are in reasonably good health and can take care of yourself and if you are between the ages of 18 and 84 you can probably buy long-term care insurance some companies do not sell individual policies to people under age 18 or over age 84 age limitations apply only to your age at the time of purchase not at the time you use the benefits duration or dollar limitations of benefits long-term care policies generally limit benefits to a maximum dollar amount or a maximum number of days and may have separate benefit limits for nursing home assisted living facility and home health care within the same policy for example a policy may offer 100 per day up to five years of nursing home coverage many policies now offer lifetime nursing home coverage and only up to 80 per day up to five years of assisted living and home health care coverage nonforfeiture benefits this benefit returns to policyholders some of their benefits if they drop their coverage most companies now offer this option the most common types of nonforfeiture benefits offered today are return of premium or a shortened benefit period with a return of premium benefit the policyholder receives cash usually a percent of the total premiums paid to date after lapse or death with a shortened benefit period the long-term care coverage continues but the benefit period or duration amount is reduced as specified in the policy a nonforfeiture benefit can add from 20 to 100 percent to a policy policy’s cost some policies may offer contingent nonforfeiture benefits upon lapse a feature that gives policyholders additional options in the face of a significant increase in policy premiums if you do not purchase the optional nonforfeiture benefit then a contingent nonforfeiture benefit is triggered if policy premiums rise by a specified percentage for example if at age 70 your premium rises to 40 percent above the original premium you have the option of either decreasing the amount your policy pays per day of care or of converting to a policy with a shorter duration of benefits waiver of premium this provision allows you to stop paying premiums during the time you are receiving benefits read the policy carefully to see if there are any restrictions on this provision such as a requirement to be in a nursing home for any length of time 90 days is a typical requirement or receiving home health care before premiums are waived disclosure your medical history is very important because the insurance company uses the information you provide on your application to assess your eligibility for coverage the application must be accurate and complete if it is not the insurance company may be within its rights to deny coverage when you file a claim in fact many companies now waive the preexisting condition requirement if you fully disclose your medical history and are issued a policy information references "guide to long-term care ltc insurance" by america’s health insurance plans 2004 available at www pueblo gsa gov

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Categories: Sage, Topic, Financial, Medical Physical

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Keywords: Long term care insurance insurance policy insurance premiums

*This information is listed as a Fact Sheet and is not explicitly medically licensed

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