Long term care policies a necessary type of insurance that allows you to be independent for extended periods. When completing everyday chores becomes a burden, having the option to request assisted living can be life-saving.
However, your policy’s fine print can be difficult to understand if you do not have extensive knowledge of legal matters. Before signing, you must ensure you know every detail included in the contract. Steven M. Dunn, P.A. can help you understand your rights.
Unexpectedly losing access to these funds can have a negative impact on your life. Obtaining a long-term care insurance policy offers you the option to secure your golden years. If you want to secure a long-term care insurance policy, read on.
What Is a Long-Term Care Insurance Policy?
According to the National Institute of Aging, some people need long-term care more than others. The risk of needing long-term care increases as people get older. Gender, marital status, lifestyle, and family health history also play an essential role in establishing whether you need a certain type of insurance.
While there are various long-term care policy types, many offer home health care, senior transportation services, housing options, and financial planning. Before deciding what to include in your policy, you must consider any personal funds such as pensions, savings, and other types of income.
Eligibility Requirements for Long-Term Care
You must meet several criteria before you can receive long-term care benefits. While many people purchase a long-term care insurance policy around the age of 60, acquiring such a policy somewhat earlier than later is recommended as elderly individuals might be denied. If you already need assisted living or home care, the chances of receiving an affordable premium decrease significantly.
It is always best to be in good health at the time of the application. You should be able to complete activities such as dressing, bathing, and other everyday chores by yourself. If you received a diagnosis for a condition like Alzheimer’s, Parkinson’s, or a progressive neurological condition or suffered a stroke or metastatic cancer, your eligibility may be affected. Furthermore, using a walker, cane, motorized scooter, or hospital bed is another disqualifying factor. Tobacco use can also affect eligibility, so keeping a clean health record is vital.
Is It Possible to Have Your Long Term Care Policies Cancelled?
Some people wonder whether there is any possibility of losing their insurance policy after a certain age or if their health has deteriorated. The truth is that as long as you keep up with the payments, your insurance company cannot legally cancel the policy. If you suffered a physical or cognitive impairment that made it difficult to make the payments, you could have the policy reinstated up to six months after the payment lapse.
Even when you miss payments, some insurance companies offer a 31-day grace period so that you have the chance to get back on track. Long-term care insurance can help you feel more secure regarding your future well-being, ensuring that you receive proper care.