Keep Your Options Open
Long-term care refers to those services provided to individuals who can no longer live independently. Long-term care insurance helps an individual to pay for those services, which can be very expensive. A long-term care insurance policy will help keep your options open if long-term care is needed. By paying for care in a wide variety of settings, a policy can help maintain freedom of choice in determining how and where you receive care.
The following are key terms used in this field:
Coverage
An individual can purchase coverage for a mixture of long-term care options, including home health care, assisted living and nursing home. With the proper mixture, long-term care insurance does not have to be expensive.
Monthly Benefit
The monthly benefit is the amount of money the insurance company will pay for each month that the insured is receiving long-term care.
Benefit Period
The benefit period is the extent of time that the monthly benefit will be paid to the insured.
Elimination Period
When the coverage goes into effect, the insured will be responsible for the costs incurred during the elimination period – typically no more than 90 days.
Inflation Protection
With long-term care costs increasing every year, this rider ensures that an individual’s policy will meet future costs.
Non-Forfeiture Benefit
Policies with this rider will continue to pay for the insured’s care even if he or she stops paying the premiums.
Return of Premium Rider
On the assumption that the insured does not utilize the coverage, policies with this rider will provide a refund of some, or all, of the premiums paid.
Krause Financial Services offers traditional and partnership long-term care insurance policies. To find out if a long-term care insurance policy is right for your client, or for you, feel free to contact a representative of Krause Financial Services to receive a no-obligation illustration of coverage and benefits.
