Suppose your parents get covered by long-term care insurance, congrats! They’ve made the right choices to prepare for their future needs and safeguard their retirement and protect your relationship from becoming affected.
Long-term health (LTC) insurance pays for the care of your parents when they get older or injured and are unable to provide care for themselves. Suppose an LTC incident occurs and a family member is damaged. In that case, it can be a difficult time both financially and emotionally for families. With LTC insurance, parents and their children can take care of themselves and their parents in various ways.
With the Christmas season right ahead of us, now is the perfect time to get acquainted with your parents’ LTC Insurance policy. Read the following information and become aware of what you can anticipate.
Learn About the Benefits
There Are Three Primary Components of the LTC Policy:
- The Daily Benefit or the Monthly Benefit is the amount an insured can access each day or every month to cover the cost of care.
- The duration of the year (or Benefits Pool) How long the benefit could last, or a pool of funds to get used over several years.
- Inflation Protection is typically an additional rider that gets used to boost the monthly benefits and benefits pool over time to meet the rising costs of health care.
Remember that your parents’ policy may include additional benefits (called riders), such as Shared Care.
Know When the Benefits Start
The elimination time will determine when they’ll be eligible to claim LTC benefits. The most usual elimination period is 90 days. They begin the moment. A doctor finds they’re incapable of performing two of the six activities in daily activities or if they initiate to show symptoms of decline in cognitive function.
“Review Their Policies Thoroughly to Ensure You Are Aware of the Features Each Provides.”
Additional Planning Resources Could Be on Hand
Many insurance companies provide customer service lines and personal care plans to aid you in finding the most suitable service in your location. Be aware of where you can get a guide and use the many resources provided by their policies.
Don’t Allow Their Policy to Lapse
Their health insurance company purchased your parents’ LTC policy at prices based on age at the date of purchase. Ensure that the policy is paid every month and doesn’t expire. When their condition decreases and the insurance get canceled, they may not be eligible for another approach.
Are you ready to look in the future? Speak to an LTC specialist and request a quote right now for more details. You can relax assured that an expert will take your future medical needs. Check out Ottawa Life insurance at (613) 454-1424 or Email us at info@ottawa-lifeinsurance.ca
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