Long-Term Care – Planning Ahead

When considering long-term care, several important factors should be taken into account to ensure you choose the right coverage for your needs.

Here are key factors to consider:

  1. Levels of Care:
    • Understand the different levels of care, including skilled care, intermediate care, custodial care, and home health services. Choose coverage that aligns with your potential needs.
  2. Benefit Amount and Duration:
    • Evaluate the benefit amount based on your projected needs and assess your ability to pay for care from other sources. Consider the length of time the policy pays benefits, with recommendations for a benefit period that covers a majority of likely admissions.
  3. Inflation Protection:
    • Look for policies that offer benefit levels increasing with inflation or a cost index factor. Given the rising costs of medical care, this option can be valuable over the long term.
  4. Waiting Period and Prior Hospitalization:
    • Consider the waiting period before the insurance company starts paying. Shorter waiting periods may have higher premiums. Ensure that the waiting period aligns with your financial ability and the added premium costs.
  5. Coverage Limitations and Qualifications:
    • Check that benefits cover all medically necessary confinements and use reasonable definitions (e.g., activities of daily living). Ensure coverage for conditions like Alzheimer’s that may not be medically “verifiable.”
  6. Guaranteed Renewable, Non-Cancelable Level Premiums:
    • Ensure the policy is guaranteed renewable, allowing you to renew it as long as needed, and check for non-cancelable level premiums to avoid unexpected increases.
  7. Waiver of Premium:
    • Look for policies that waive the need to pay premiums while you are receiving benefits. This feature can be crucial during times of financial strain.
  8. Pre-Existing Conditions and Eligible Facilities:
    • Be aware of any delays in coverage for pre-existing medical conditions. Seek policies with the shortest delay possible. Ensure that the policy pays for confinement in a state-licensed facility and does not require approval from Medicare.

By carefully considering these factors, you can choose a long-term care insurance policy that aligns with your financial situation and potential care needs, providing you with comprehensive coverage and peace of mind.

Prioritize your family’s future. Begin planning for long-term care now to safeguard your assets. Seek advice from our knowledgeable team to navigate complex Medicaid rules. Act today to make informed decisions for your family’s well-being. Click here for a consultation – a crucial step towards securing your financial future.



Although this information has been gathered from sources believed to be reliable, it cannot be guaranteed and the accuracy of the information should be independently verified. This material is intended for informational purposes only and should not be construed or acted upon as individualized tax, legal or investment advice. Neither Lion Street Financial Services, Inc., nor its registered representatives, offer tax or legal advice.

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