Long-Term Care Insurance

About Long-Term Care Insurance: Why It’s Important & What It Covers

In the event of a serious illness or accident, long-term care insurance coverage provides the financial support and resources needed to cover costs associated with long-term care. An LTC insurance policy typically covers assisted living, hospice care, skilled nursing, and respite care. LTC policies also cover home care if that coverage is purchased. It pays for a visiting or live-in private-duty nurse or caregiver 24/7, up to the policy benefit maximum.

Adding long-term care insurance to your company’s group benefits helps protect your employees financial future and gives them peace of mind knowing that if they suffer an injury or illness requiring care for a long period of time, they can get the care they need.

How Long-Term Care Insurance Works

Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating.  Your employees can select a range of care options and benefits that allow them to get the services they need, where they need them.

The cost of a long-term care insurance policy is based on:

  • How old the person is when buying the policy
  • The maximum amount that a policy will pay per day
  • The maximum number of days (years) that a policy will pay
  • The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
  • Any optional benefits chosen, such as benefits that increase with inflation

Can someone be denied long term care insurance?

If the person is in poor health or already receiving long-term care services, he or she may not qualify for long-term care insurance as most individual and some group policies require medical underwriting. In some cases, you may be able to buy a limited amount of coverage, or coverage at a higher “non-standard” rate.

Getting Long Term Care Insurance in Texas

If you would like more information about protecting your employee’s financial future by adding a long-term care insurance policy to your group insurance benefits, Healthcare Consultants in Houston, Texas is prepared to help. Please call an agent at 713-626-2838 or complete our contact form.

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