By camila | November 25, 2020

Long-Term Care Insurance: How It Works

Happy Insurance Tip Tuesday! Today’s video is the second in our series for Long-Term Care Insurance Awareness Month 🏥 In today’s video, Donn Sharer explains how traditional Long-Term Care Insurance policies work.

Long-term care insurance plans are money aimed at helping you stay in your house and maintain your independence as long as possible as you get older 👵👴 This policy kicks in when a doctor determines that you’re unable to perform any 2 of 6 habits of daily living or you have other cognitive issues.

When it comes to Long-Term Care Insurance, there are 3 main factors to consider:

1️⃣ Monthly/Daily Benefit Amount: This is the maximum amount you can pull out on any given month or day 💵
2️⃣ Duration/How Long?: This refers to the number of months that you’ll need your benefit amount to apply 🕑
3️⃣ Policy Limit: This is the total amount of money that will be available to you through your policy 💰 Your policy limit is calculated by multiplying the monthly/daily amount by the duration.

Additionally, for people under the age of 65 who are considering purchasing a long-term care policy for the future, inflation can play a huge role and should be factored in. Watch below to learn more ⬇️⬇️

If you haven’t begun thinking about this type of insurance, this Long-Term Care Insurance Awareness Month is a great time to start! Give us a call at 📞 609-971-9725 and we’d be happy to help you out.