Components of Long Term Care Insurance

Although similar to traditional healthcare plans, long term care insurance has some major differences. Designed to cover long-term personal and custodial care in various settings, this coverage applies whether in-home, a community facility or other approved locations, such as a private assisted-living complex.Cost of this coverage includes the following factors.

• Your age when you buy the policy;
  
• The amount the plan pays per day;
• The maximum number of days or years that your plan pays; and/or
• The options you select, such as inflation protection.

Basic Components of Long Term Care Insurance

Basic components of this insurance mirror the noted factors.

• The daily benefit amount includes the maximum amount the policy will pay for your care per day, which can be vastly different from state-to-state.
• The benefit period is the length of time the plan will pay benefits.
• The elimination period is the waiting period before receiving benefits, commonly between 30 and 365 days.
• Inflation protection is usually an option, but an important component, as it allows your coverage to long term care price increases.

To get more valuable information, particularly if you live in or around Sonoma County, CA, contact Sackett & Associates Insurance Services. We’ve been helping our clients get affordable protection for over 30 years. We can help you, too. If you’re interested in comparing benefits and prices for long term care insurance, Sackett & Associates Insurance Services is your trusted source. Call us today!