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Long Term Care Insurance Coverage Ames IA

The long term care health insurance policy must state the conditions that must be met in order for benefit's to start. Here are some things to consider; which affect both when benefit's will be paid as well as how much benefit will be paid.

T. Scott Nevitt
2928 Ingersoll Avenue
Des Moines, IA
Company
Title: President/Trusted Advisor
Company: CORE Asset Management
Type
Investment Advisor Rep: Yes
Years Experience
Years Experience: 10
Service
Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Hourly Financial Planning Engagements,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Medicaid,Life Insurance,Inv

Data Provided by:
Craig Adamson
1000 Lindale Drive
Marion, IA
Company
Title: President
Company: Adamson Financial Planning
Type
Investment Advisor Rep: Yes
Education
BS Iowa State University 1996
Years Experience
Years Experience: 14
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Plan

Data Provided by:
Insurance Policy Centrers LLC
(319) 354-0097
765 Bay Ridge Drive
Iowa City, IA
 
Farm Bureau Financial Services
(641) 682-8714
322 E 4th St
Ottumwa, IA
 
Superior Insurance Services
(515) 795-2228
221 E 6th St
Madrid, IA
 
Bill Elson
3705 Grand Avenue
Des Moines, IA
Company
Company: Spectrum Financial Services
Service
Hourly Financial Planning Engagements,Fee Only Portfolio Management,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Medicaid,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Medicare Planning,Health Care Insurance,Retirement Planning

Data Provided by:
HealthSource of Cedar Rapids
(319) 540-8065
206 Collins Road NE, Ste 102
Cedar Rapids, IA
 
Messerli Insurance Services
(641) 683-3393
540 Church St
Ottumwa, IA
 
Franklin Crossroads Insurance Agency
(319) 835-5585
402 Franklin 8th St
Donnellson, IA
 
State Farm Insurance-Robert Carr
(641) 682-3447
522 Richmond Ave
Ottumwa, IA
 
Data Provided by:

Long Term Care Insurance Coverage

Provided By: 

Long Term Care Coverage

When does this long term care health insurance coverage kick in?

This is the critical aspect of the long term care health insurance and something you have to understand clearly when buying it.

The long term care health insurance policy must state the conditions that must be met in order for benefit's to start. Here are some things to consider; which affect both when benefit's will be paid as well as how much benefit will be paid:

  1. You will want long term care health insurance benefit's to commence when you are unable to perform some specified number of activities of daily living. Usually, these would be due to restriction of mobility and commonly would include bathing, dressing, eating and going to the toilet on your own. There is also something called 'transferring' which includes your ability to move from place to place or from a bed to a chair for instance.
  2. You will want long term care health insurance benefit's to commence when you are suffering cognitive impairment. Now this condition is a tricky one. Some kinds of cognitive impairment are typically covered while others are not. Be sure you understand which are covered in your long term care health insurance policy.
  3. You will want long term care health insurance benefit's to commence when a health doctor certifies that long-term care is necessary. This may occur under a variety of circumstances, but your doctor will be able to evaluate this on an ongoing basis.
  4. In some cases, long term care health insurance policies will not pay unless you have a previous hospitalization. This condition is a tricky one and can mean that you will not receive benefit's unless you've first been hospitalized. Since many elderly may not require hospitalization, but may require a higher level of care for other reasons, you should ensure your policy does not have this stipulation.
  5. Your long term care health insurance benefit's could be paid from two years to a lifetime. Obviously, if your benefit period is shorter you might run out of coverage when you still require it. However, unlimited benefit's are very expensive. Your best bet? To select a coverage period of at least 4 years, which is less expensive than lifetime coverage, but longer than the average nursing home stay. This is playing the odds in your favor.
  6. You might want to consider a waiting period before long term care health insurance benefit's commence. You can actually keep the costs of long-term care insurance down by having a waiting or "elimination" period on your policy. This is the equivalent of a deductible. Your premiums will be lower in exchange for having to pay for the initial period out of your own pocket.
  7. You should have inflation protection if you are buying long term care health insurance and you are under 50 and in good health. This is a difficult choice for some, but you should consider it. If you are buying long term care health insurance at 50 you may not need benefit's for 20 yea...

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