Medicare along with most medical insurance policies tend to restrict or omit coverage for extended care services. If you’re considering insurance for long-term care needs, it might be necessary to acquire an additional, distinct plan. Ponder these inquiries when scrutinizing long-term care insurance options.
Which medical conditions trigger benefit eligibility?
An inability to execute essential everyday living activities on your own is required. Such functions might include consuming food, ambulating, transferring from a bed to a chair, clothing oneself, bathing, and using bathroom facilities.
What kinds of care does the policy encompass?
Is care within a nursing facility included by the policy? What about supportive living environments that offer fewer services than a nursing home? Should you opt to remain at home, will the policy fund home health aide visits and therapy sessions? Does it extend to assistance with meal preparation and maintaining cleanliness in your living space?
How substantial is the monetary limit for benefits?
Often, policies stipulate a fixed monetary benefit per day. The benefit for in-home care typically amounts to half of the allowance for a nursing facility. There are some policies that disburse identical sums for both care settings, while others reimburse you solely for incurred costs.
What does the benefit duration look like?
Lifetime benefits entail a pricier policy. However, plans with coverage lasting between one to six years are also obtainable. The average duration of a stay in a nursing home is approximately 2.5 years.
Does the benefit take inflation into account?
If you secure a policy with a set daily benefit early on, say before your 60s, it may prove insufficient over time.
When do benefits commence?
Typically, you can expect a waiting interval ranging from 20 to 100 days before benefits kick in.
Delve deeper into information about Medicare and Extended Care Insurance at USA.gov
