Long-term care insurance (LTCI) is insurance that is designed to cover services that assist with daily living activities, such as bathing, dressing, and eating, either in a home setting, assisted living facility, or nursing home. It varies heavily depending on which state you’re in, who your insurance provider is, and which services you think you’ll need, which you usually have to predict before signing up. LTCI can be a costly policy because it’s not always covered by regular health insurance, Medicare, or Medicaid.
At Blakeford, we offer LiveWell, which is a great alternative, or addition to, long-term care insurance. LiveWell covers many of the same services that traditional LTCI policies don’t, and more! We cover home care, independent living, and nursing care so you don’t have to guess where you’ll be as you age. You’ll even be provided with a local nurse instead of having to call a 1-800 number!
Our Checklist for Evaluating Long-Term Care Insurance
As we age, ensuring our future care and comfort becomes increasingly important. Choosing a policy or an alternative such as LiveWell by Blakeford can be complex. Here’s a checklist to help you evaluate your long-term care insurance options effectively.
Assess Your Needs
- Current Health Status: Consider any existing health conditions and family medical history.
- Age: Younger individuals may benefit from lower premiums but will pay for a longer period.
- Financial Situation: Evaluate your savings, income, and other resources.
Understand the Coverage
- Types of Services Covered: Ensure the policy covers home care, assisted living, adult daycare, respite care, hospice care, and nursing home care. You never know which type of care you may need in the future.
- Benefit Triggers: Know what conditions must be met for benefits to be paid (e.g., inability to perform a certain number of activities of daily living).
- Exclusions and Limitations: Be aware of what is not covered and any restrictions that may apply.
Policy Benefits
- Daily or Monthly Benefit Amount: Determine the maximum amount the policy will pay per day or month.
- Benefit Period: Check how long benefits will be paid (e.g., 2 years, 5 years, or lifetime).
- Inflation Protection: Look for options to increase your benefit amount to keep up with rising care costs.
Cost Considerations
- Premium Costs: Understand the premium structure and how it may increase over time.
- Waiver of Premium: Some policies stop requiring premium payments once you begin receiving benefits.
- Potential Discounts: Inquire about discounts for good health, couples, or paying premiums annually instead of monthly.
Company Reputation
- Financial Stability: Research the financial strength of the insurance company to ensure it can pay future claims.
- Customer Reviews: Look for feedback from current policyholders about their experiences.
- Claims Process: Understand how to file a claim and the average time for processing claims.
Additional Features
- Alternative Care Options: Check if the policy offers benefits for non-traditional care options like community services or family care.
- Care Coordination Services: Some policies include professional care coordination to help manage your care needs.
- Return of Premium: Consider if the policy offers a premium return in case you never need long-term care.
Legal and Regulatory Compliance
- State Regulations: Long-term care insurance is regulated at the state level, so be aware of your state’s requirements and consumer protections.
- Tax Implications: Determine if premiums are tax-deductible or if benefits are considered taxable income.
Consult Professionals
- Financial Advisor: Discuss your options with a financial advisor who can help you integrate LTCI into your overall financial plan.
- Insurance Agent: Work with an experienced insurance agent who specializes in long-term care insurance to compare policies from multiple companies.
LiveWell by Blakeford Plans
LiveWell by Blakeford is the perfect alternative, or addition, to long-term care insurance. Our different membership plans give you the freedom to choose what’s best for you, all while receiving personalized local care. Click here to view our membership plans and decide which one is the best for you.
Ready for LiveWell by Blakeford?
If you’re ready to schedule a consultation for LiveWell by Blakeford, our friendly staff is here to help you with any questions and clarifications, and can help you figure out which membership plan is right for you! Please call 615-665-0694 or fill out this online form to get started!