Long-term care policies generally cover extended health care at home, nursing homes, or assisted-living facilities. However, policies do not necessarily pay out in the same amounts for each of these choices. Most notably, policies tend to pay less for home care. Like long-term disability coverage, policies also vary in their eligibility criteria.
Policies vary in their length of payout, from a couple years to "lifetime." Obviously a lifetime policy charges higher premiums, but not much higher - the typical nursing home stay lasts less than 3 years, meaning the risk of a lifetime policy to the insurer is not that much greater than a 2 or 3-year policy. Policies have a set amount of time between when care starts and when the benefits take effect (comparable to a deductible in other types of insurance coverage). The longer the waiting period is, the lower the premiums.
To learn more about our Long Term Care Insurance, please contact one of our dedicated agents at Allen & Stults at 800-792-8660. Or to request information, please fill out and submit the below form and one of our agents will contact you within 48 hours.
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