Content Overview
- Summary
- Amount Of Coverage
- The Insurance Company's Financial Status And Claims Reputation/Service
- Amount Of The Premium
- Payment Options
- Whether The Policy Is Tax Qualified
- The Range Of Services Which Are Covered
- Where Services Can Be Provided
- Length Of Time Benefits Are Payable
- Waiver Of Premiums
- The Trigger For Qualifying For A Benefit
- The Waiting (Elimination) Period
- Renewability Provisions
- Inflation Adjustments
- Guranteed Purchase Option
- Notice Of Late Payment
- Non-Forfeiture Provisions
- For Married Couples And Domestic Partners: Shared Care, Survivorship Benefit
What To Look For When Purchasing A Long Term Care Insurance Policy
The Trigger For Qualifying For A Benefit
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Policies define eligibility for benefits differently. Common variations are:
- Your doctor prescribes specific care. (This is ideal).
- The care is required because it is "medically necessary for sickness and injury."
- The care is needed because of a cognitive (mental) impairment.
- The care is required because you are unable to perform a described number of activities of daily living such as bathing, dressing, walking, transferring from bed to chair, toileting and eating, or because of limitation in mental function. (As a general matter, policies require that the policyholder needs to demonstrate that he or she required help with at least two activities of daily living).
- A requirement that you be hospitalized for at least three days prior to the need. (This is the requirement used by Medicare for skilled nursing benefits).
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