Tag Archive | insurance

What is Long-Term Care?

What is Long-Term Care? Long-term care includes a variety of services that may be both medically and/or non-medically necessary for people with a chronic illness or disability.  Health and personal needs are met through long-term care.  Generally speaking, long-term care provides people assistance with activities of daily living, such as bathing, dressing, eating, toileting or […]

What is “Inflation Protection” in a Long-Term Care Insurance Policy?

Inflation Protection = A policy option that provides for increases in benefit levels to help pay for expected increases in the costs of long-term care services.

What is “Non-Forfeiture (Shortened Benefit Period)” in a Long-Term Care Insurance Policy?

Non-Forfeiture (Shortened Benefit Period) = After having your long-term care policy for three (3) years, you have the right to stop paying premiums and have your policy converted to paid-up status.  Your paid-up policy would have a maximum benefit at least equal to the amount of premiums you had paid over your lifetime.

2 “gotchas” you need to watch out for when choosing your “Daily Benefit”

Gotcha #1: Some long-term care insurance policies have different ways of determining the Daily Benefit depending upon the setting in which you are receiving care. For example the: Nursing Home Daily Benefit may be $200, Assisted Living Facility Daily Benefit may be 70% of that (e.g. $140), and Home Healthcare Daily Benefit may be 50% […]

Isn’t an insurance agent just a salesperson?

Isn’t an insurance agent just a salesperson? Yes and no. Anyone who is licensed to “sell” insurance is, by the simplest definition of the word, a salesperson. Like many other professions, insurance agents must have a license, as well as a minimum amount of education focusing on their particular field. There are many professions that […]