Families should pay attention to several issues when considering Long Term Care Insurance, including:
(1) Cost. For many families, this kind of insurance is simply not affordable. For those who can afford to purchase an appropriate level of coverage, Long Term Care Insurance can provide a valuable protection.
(2) Pre-existing medical conditions. If you are already ill or suffering from a cognitive impairment, you may not qualify for Long Term Care Insurance.
(3) Owning a policy does not mean that you are automatically covered for any expense for as long as you need it. All of these policies have limits on the amount paid per day, the beginning date, and the benefit period. Of course, these factors will affect the amount of the premium. Higher daily limits, earlier beginning dates, and longer benefit periods will translate into higher premiums.
(4) All policies will have eligibility requirements that depend on the insured’s functional capacity to perform the “Activities of Daily Living,” which are typically defined as bathing, dressing, toileting, transferring, continence, and eating, or if the insured suffers a severe cognitive impairment.
The NY Elder Care lawyers at Lamson & Cutner, P.C. can be reached via email or Toll Free at 866-524-1818. They will assist you in determining whether Long Term Care Insurance should be a part of your planning for payment of long term care expenses, and can also assist in analyzing the benefits of particular policies that you may be considering. Lamson & Cutner, P.C., does not sell insurance, and does not recommend any particular insurance companies. |
