What details should be included in your long term care quote?
In order to get an idea on how much a person needs to sustain the monthly dues of his LTC plan, one must learn to ask or request for a long term care quote first before actually deciding on getting one.
LTC policies are known to be expensive that is why not all Americans can afford to avail one for their future LTC needs. Although for some, it may seem impractical and waste of money, those who own and are now getting its benefits can attest that this is one of the best investments that a person can give to himself.
Medical services and facilities are provided when a person buys an LTC policy. These services aim to make the lives of the insured persons better and easier, with the help of medical professionals and skilled caregivers because the health and welfare of the policy owners always come first.
There are three mandatory features that all LTC policies must have in order to be considered qualified and valid. These are the minimum daily benefit amount, the benefit coverage period, and inflation protection. All of these three act as guide of the policy owner in using his policy benefits, and must also be present in the long term care quote that a person will get from his insurance provider.
The minimum daily benefit amount determines the amount that the insured person may get for every time he uses his policy benefits. Depending on the type of LTC plan that he has, he may get a reimbursement of the exact amount that he used, or he may also be given the allowed amount per day regardless if he was not able to maximize it. But he must make sure that he will not exceed the allowed price quota because he will be liable to pay the remaining or excess amount.
On the other hand, the benefit coverage period sets the validity or duration of a certain policy. In some cases wherein the person needs to receive additional medical treatment, he may seek Medicaid’s help and apply for qualification and eligibility.
Lastly, the feature that is considered as the most important and most beneficial among the three is known as the inflation protection. It has certain levels that are based on the age of the individual at the time of his policy acquisition. It has the capacity to regulate and adjust the value of a certain LTC plan according to the current costs of LTC services, even if the policy was bought at a much cheaper price.
The levels provided usually favor those who acquired their policies when they were much younger and healthier. At age 60 and below, a person may still get a simple, compound, or an inflation protection based on the Consumer Price Index while no inflation protection is actually required if the policy was bought at age 76 and up.
To know more and to get a precise long term care quote, one can visit the websites of some private insurance companies that offer free online LTC assessment tools.
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