Long-Term Care Insurance Explained
While you may be young and in good health currently, unfortunately, it may not always be that way. As people get older, they need extra help around the house to complete daily activities. These additional in-home care services can be very costly out of pocket, and for many, they may never be affordable.
That is where long-term care insurance comes into play. These insurance plans can help you prepare for the expensive costs of in-home care services. Before investing in long-term care insurance, our team at National Educational Services wants to make sure you are well informed.
Why Teachers Should Purchase Long-Term Care Insurance
For many, the thought of purchasing long-term care insurance may seem to be an unnecessary added expense each month. Although, what many fail to realize is that most adults over the age of 65 invest in some sort of long-term care service or support.
Your typical health insurance plan or Medicare will not cover long-term care services. Health insurance plans only cover temporary stays in nursing homes or limited amounts of in-home health care.
Without the proper insurance, long-term care can be very costly out of pocket. Purchasing long-term care insurance from National Educational Services can protect your savings in addition to expanding your options when it comes to choosing an in-home care provider.
Read Why Teachers Need Long Term Care Insurance HERE.
Read Pros and Cons of Long Term Care Insurance HERE.
Understanding Long-Term Care Insurance
To purchase long-term care insurance, you must first start by completing the necessary application and providing a history of your medical records. In order to verify your information, your insurance agent may ask to see physical copies of your medical records and complete an additional interview.
After the initial application, you will be given the option to select the specific coverage you want. Once you have chosen your specific coverage, your policy will be officially issued, and you will begin paying your premiums.
To receive the benefits of your long-term insurance policy, most plans say you are eligible once you cannot complete at least two activities of daily living. The six activities of daily living, ALDs, are listed below.
Caring for incontinence
Dressing
Eating
Bathing
Toileting
Transferring from bed or chair
If you have determined that you cannot complete all of the activities of daily living and want to file an insurance claim, you will have to provide medical records from your doctor and possibly must complete a nurse evaluation through your insurance company. Before benefits are paid out, you will have to have your potential plan of care approved by your insurance.
Additionally, with most plans, you will be required to pay your long-term care services out of pocket for a specific period before your insurance company begins to reimburse you for the costs.
Purchase Long-Term Care Insurance from National Educational Services
Purchasing a long-term care insurance plan is simple! Contact National Educational Services below. Additionally, you may be able to contact your specific school district to purchase an insurance plan.
Nonetheless, contact National Educational Services below to get the process started and get one step closer to planning for your future!
