Long term health care insurance features
Thanks to governmental healthcare mandates, most states require similar provisions in long term care premiums and long term health care insurance (quote for services available on Complete LTC's "Resource" page). The following are some of the most common provisions consumers enjoy:
- Trial period. Most policies provide 30 days during which you can cancel without penalty and with a full refund.
- Benefit start. Benefits kick in once client requires assistance with two or more daily living activities.
- Payment lapse provision. Missed payments due to mental/physical impairments are forgiven if repaid within specified timeframe.
- Non-cancellation guarantee. The long term health care insurance provider can't cancel if you're keeping up with payments.
- Premium waiver. The premium requirement is dropped once the individual becomes disabled.
- Accessibility modifications. A flat sum is paid to install ramps, rails and other accessibility aids.
- Caregiver respite. Skilled nursing or in-home assistance is covered when the primary caregiver cannot be present.
Long term care health insurance quote
Even with legislative intervention, many consumers find that the standard policy doesn't meet all needs. Most long term health insurance providers also offer a laundry list of riders from which a customer can pick and choose the most appropriate. For example, consider inflation protection, especially if you expect to claim benefits more than 15 or 20 years after initiating the policy. Also worth consideration for younger policy-holders is a rider that restores full benefits after an individual has collected benefits and has gone on to recovery. A non-forfeiture rider provides benefits equaling the amount that was paid into the plan in the event that the insured stops making premium payments. Finally, a survivor's rider covers an individual whose spouse has died after a certain period of time during which payments were made. For a long term care health insurance quote that includes any or all of these options, contact a Complete LTC representative.