Long Term Care Health Insurance Options - Guide to Policies Washington DC
Title: President, Wealth Management Advisor
Company: KingdomTrust Capital Management, Inc.
Howard University, Bachelor of Arts
Regent School of Divinity, Candidate: M.DIV
Denver College of Financial Planning
Years Experience: 15
High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Fee-Only Comprehensive Financial Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commi
Falls Church, VA
Company: ABP Insurance Agency, Inc
Washington State University - BA
Portland State University - MBA
Years Experience: 20
Life Insurance,Health Care Insurance,Long-Term Health Care Planning,Disability Insurance,Annuities
Long Term Care Health Insurance Options - Guide to Policies
What Other Options Can I Get With My Policy?
Long-term care insurance, unlike many other types of insurance, is a fairly straightforward insurance product. While long-term care policies have additional options you can get, just like most other insurance, you may or may not need anything added onto the basic coverage. In any case, additional options to your policy will be quite limited.
Having said that, one of the biggest issues with long-term care insurance is making sure that benefit's are available when you need them. Some policies have limitations on when you can restart benefit's after having stopped them.
Lets look at an example. You have been in a serious car accident. Your doctor tells you that you will need to be off work for 18 months to two years in order to fully recover. In that time, you will only regain your ability to care for yourself slowly. Some aspects of your recovery could be partial. Your spouse works, and you'll need that income to cover your finances. Who will work with you at home? Who will make sure you make it to physiotherapy? Who will help you to continue therapy at home?
This is where long-term care comes in. You can hire an appropriate support person who will be able to meet your needs while your family and friends are at work. You can have them at your home for as long as you need them. And the costs are paid.
As a result, one option that you might consider getting on your policy is a clause that ensures that benefit's can be restored later, if needed. Lets say that you ended up needing care again. Perhaps you suffered a re-injury. Youd want your long-term care insurance to kick back in, right? If so, you want to ensure benefit's. This feature will put benefit's back in place, as long as you have recovered for a specified period of time. Typically, you need to have been without benefit's for 6 months before they can resume.
One other option to consider is non-forfeiture benefit's. If you are seriously ill, the ...