What does a Long Term Care Insurance Policy Cover?
Not all long-term care insurance policies are created the same. When you’re choosing the best policy for you, it’s important to understand what most long-term care insurance policies cover. The elder law attorney team at Meyer & Spencer PC can help you determine the best policy for you.
What most policies cover
Most long-term care policies cover placement in an assisted living facility. They also typically cover adult daycare, respite care, hospice and nursing home care. A standard policy also usually includes Alzheimer’s care. It’s important to read your policy carefully to make sure that it covers these basic things.
Home care is one important area of long-term care insurance that you need to consider. Some long-term care policies cover home care, and others don’t. This is a benefit that brings someone into your home to provide nursing care, therapy or other kinds of assistance that you might need. This is an important decision that you need to make in order to pick out the appropriate policy for your needs and preferences.
When you work with the attorneys at Meyer & Spencer, they can help you prioritize the things you might want most in your policy. There are things like waiting periods before benefits can kick in that you need to pay attention to. In addition, you should look at policy maximums.
Some policies operate like traditional insurance policies, and they don’t return your premiums if you don’t use policy benefits. Other policies double as life insurance policies. In that case, you get your unused premiums back as a payment at death if you don’t need your benefits. It’s also important to work with an experienced elder law attorney on the tax implications of the policy that you choose.
How can an attorney help?
An estates lawyer can help you think through the choices and pick the best policy. The attorneys at Meyer & Spencer help each client make sure that the policy they choose covers their needs and priorities. They help each client choose long term care as part of a larger plan to understand and address their estate planning needs.