The government, both state and federal, is sending a strong message that it will not pay for Long Term Care for most Americans.
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|How do I qualify for Long Term Health Care Benefits?|
There are two types of Long Term Care plans:
There are limited rules for non-tax qualified plans and insurance companies are not consistent with each other. The rules of tax qualified policies are spelled out by the Internal Revenue Code and administrated by the IRS. The method of qualifying for benefits with a tax qualified policy is as follows.
The Long Term Care insured must:
These two requirements are often referred to as the benefit triggers.
Final Step for Long Term Care insurance
Before collecting any policy benefits an insured must also fulfill the Elimination Period (waiting period). The Elimination Period works like a deductible. Elimination Periods vary in length, but 60 to 100-day periods are most common. During the Elimination Period, the insured is liable for all costs related to their Long Term Care services.
Once the insured has met the requirements for a benefit eligibility and fulfilled the Elimination Period, the policy will continue to pay (up to the maximum daily benefit) until the insured no longer needs Long Term Care, or until the insured has exhausted his/her benefits.
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If you are interested in purchasing Long Term Care Insurance, we will connect you with a licensed Long Term Care Agent who will answer your questions, assess your needs and offer advice in an understandable manner. Our goal is to make sure you get the right policy at the best price and make planning for your Long Term Care needs an easy and enjoyable process..