Chronic Illness vs. Long-Term Care (LTC) Riders What do these riders do? They help pay for expenses when you become chronically ill and you meet certain conditions. They’re going to be added to permanent life insurance policies that allow…
Many people believe that Medicare will cover most or all the cost of long-term care (LTC) for everyone, but that’s simply not true. Let’s take a closer look at what Medicare does and does not cover. What is Long-Term Care?…
Long-term care and short-term care insurance. What are the similarities and differences? Both long-term care (LTC) and short-term care (STC) insurance provide coverage when you need care from an accident, illness, or disability.
Short-term care insurance provides coverage when you need care from an accident, illness, or disability. How do you qualify for benefits? It’s like long-term care insurance in that you qualify for benefits if you need help with at least 2…
Many people choose to self-fund their long-term care costs instead of buying insurance. Here are 10 reasons why long-term care insurance is better than self-funding: #1 – Leverage Self-funding or using your own money to pay for extended care is…
Long-term care insurance is more than an income stream. There are other benefits that generally come with an LTC policy that most people don’t know about. What are these “other benefits”?
Planning for long-term care is crucial. There’s not a “one size fits all” solution for each person or family, but a plan should be put in place ahead of time to protect your family, income, and assets. Planning ahead instead…
Why is planning for long-term care (LTC) important? It comes down to consequences: financial, physical, mental, and emotional. How does a long-term care situation affect your family, spouse, adult kids, grandkids, nieces, nephews, etc? A long-term care situation is more…
Benefits from a long-term care insurance policy can be paid out by using a cash indemnity or reimbursement method. The benefit amount choices range from $50-$500/day or $1,500 to $15,000/month, depending on the insurance company.
An elimination period (EP) in a long-term care insurance policy is the waiting period or number of days that you are considered “benefit eligible” and typically receiving care, but before you start to receive payment for services. Think of an…