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:
Monthly/Daily Benefit Amount: This is the maximum amount you can pull out on any given month or day
Duration/How Long?: This refers to the number of months that you’ll need your benefit amount to apply
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.