Long-term care insurance is a relatively new idea in the insurance industry but its necessity ranks up there with disability insurance and life insurance. But since it is such a new product on the insurance scene, there are still many questions that surround long-term care (LTC) insurance and its necessity. Here are some of the more common questions you can expect to be asked about this insurance product along with some great answers to those questions.
Should I consider purchasing a long-term care insurance policy? If you are at least 45 years of age, you should consider purchasing a LTC insurance policy. This should be part of your overall insurance portfolio along with life insurance and other insurance that you need. However, you should evaluate your insurance budget. If you only have a budget that will cover a comprehensive life insurance policy, do that first. Prioritize your insurance needs and don't put yourself or your family into a financial hardship just to purchase a long-term care insurance policy.
Won't Medicare and Medicaid pay for my long-term care? These two programs are designed to help low-income people who are qualified to take advantage of the services. However, both of these programs have limits to coverage and they also require co-payments and other financial requirements. You should not depend on these programs to take care of you on a long-term basis if you want to leave behind any assets for your family or heirs.
Doesn't my medical insurance policy cover long-term care? A medical insurance policy is typically limited to short-term care. If you have an injury or illness that requires medical attention, your medical insurance policy will likely cover it for a certain time. Once you start healing or reaching the maximum payout of your insurance coverage, you may not be able to have the medical services paid for. Medical insurance is designed for treatment with a foreseeable end date. LTC is designed for daily living expenses and medical care that has an indefinite end date.
How much long-term care insurance should I buy? When deciding on a long-term care insurance policy, there are typically two factors to consider. The first factor is the amount that you can afford to pay on your premiums. The second, and possibly more important factor, is determined by the daily rates of where you would want to stay if you ever need to take advantage of your LTC policy. Assisted living facilities charge less than nursing homes but rates are different depending on which facility and the geographic area in which you are staying. You will have to do some research to determine how much long-term insurance care you will need. As an insurance agent, you can help your clients determine the amount of insurance to purchase based on these factors.
These are just a few of the common questions that people often ask about long-term care insurance. By knowing what questions to prepare for, you can equip yourself better for each meeting that you have with a client who is interested in purchasing insurance.
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