You may not know if your parents or loved ones have long-term care insurance—a policy that helps cover the costs of care when a person has a chronic medical condition, disability, or a disorder such as dementia or Alzheimer’s disease. This may even be the first time you’ve even heard the term. However, many of our clients invest in senior long-term care coverage. Whether it was because their employer offered it or they decided to plan for their future on their own, the sooner someone begins to explore long-term care options, the better for them and their family.
Long-term care for the elderly can be complex to navigate, especially when it comes to insurance. Each long-term care provider and policy is different. Waiting periods can vary, as well as the conditions required to activate the insurance coverage. The daily, monthly, and lifetime maximum caps can also vary. In addition, policies may differ in whom they cover—some couples have dual or spousal insurance that allows the benefits to transfer from one partner to another if necessary. Still, long-term care options for seniors do exist.