Long-term care (LTC) insurance provides reimbursement for care for someone who is generally not ill but is unable to perform two of the six activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair).
When a policyholder wants to make a claim, the insurance company usually will need to review medical documents from the individual’s doctor. Depending upon the policy, LTC may cover the following types of services; nursing home, assisted living, home care, home modifications and/or care coordination. The policy usually caps the amount paid out per day and the amount paid out during your lifetime.
Under most policies, you’ll have to pay for long-term care services out of pocket for a certain amount of time, such as 30, 60 or 90 days, before the insurer starts reimbursing you for any care. The policy starts paying out after you’re eligible for benefits and usually after you receive paid care for that period.
If you need help sorting through coverages on an existing LTC policy, evaluating options to reduce premiums, or filing claims for reimbursement, Surrey’s Personal Finance Manager can help. Call 610-647-9840 for information about this fee-based service that can help you sort paperwork, organize bills and much more.
Jacky Kennedy Sisson, Surrey’s Personal Finance Manager.
Jksisson@surreyservices.org
