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Put Your Long Term Care Insurance To Work

Do you have a long term care insurance policy, sitting in a drawer collecting dust that you haven’t looked at in years? If so, you are not alone. Many people make the mistake of ignoring the type of coverage they have, and it can be a pricey error!

Each long term care insurance policy provides different coverage for a variety of healthcare services, and it would be a shame to think your policy covers a benefit that you don’t have … and a service you find you may need, such as assisted living and skilled nursing care. Even worse, don’t miss an opportunity to apply your policy because you didn’t realize it covers a service you may already be receiving, such as home care.

It is important to know where your policy is located, and be sure that you understand what coverage you may or may not have. Share your policy with your healthcare surrogate and power of attorney, since they may have to make decisions on your behalf at some point.

Below are a few questions to consider as you review your long term care insurance policy and seek to better understand your coverage. Don’t hesitate to contact the policy administrator with questions.

  • What levels of care does my policy cover? (i.e., assisted living, skilled nursing, home health, etc.)

  • How many activities of daily living (ADLs) do I need to receive assistance with before I can claim benefits?

  • What is the maximum lifetime benefit I could receive?

  • What is the “elimination period” in my policy, when I must pay the full, private-pay rate until my benefits begin?

  • How many years will I receive these benefits?

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