What Is Long-Term Care Insurance In Washington State
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- Mike Hanson
- April 29, 2022
Did you take long-term care insurance in Washington State? What is it? Long-term care insurance and benefits may be provided in the home, community, assisted living residences, or nursing homes. People may need long-term services and benefits at any age. Medical and non-medical care services are offered to people who cannot perform basic daily activities such as dressing or bathing. We should know that a lot of health insurance plans don’t pay for long-term care costs.
Should I Buy Long-Term Care Insurance?
Long-term care insurance is not a smart purchase for everyone. If you have significant assets to protect and income that allows you to pay premiums without financial hardship, long-term care insurance may be right for you. However, suppose you have a limited income or have difficulty adjusting your income to meet financial obligations, such as paying rent, utilities, food, or medicine. In that case, you should not purchase this type of policy.
What is Long-Term Care Insurance for?
The high cost of long-term care is something you might not want to think about, but you probably should. According to the Department of Health and Human Services (HHS), nearly 70 percent of people who turn 65 may need some medical treatment involving long-term care at some point in their lives. HHS says that, at about $229 a day for a private room, a person unprepared for the cost of a nursing home can quickly deplete their savings.
We know well that long-term care insurance does help. Let’s see below what type of policy may suit you or someone in your family.
What Kind of Care Does the Long-Term Care Insurance Cover?
Long-term care insurance helps to pay for services that assist you:
Custodial Care Assists with daily personal activities, such as bathing, eating, or using the bathroom.
Skilled care offers assistance from a medical professional, such as a nurse or therapist.
Why is Private Insurance or Medicare Insurance, not Enough?
If you haven’t considered buying Long-term care insurance in Washington State because you think you can use your employer’s health insurance plan or Medicare, you may have problems in the future if you need to cover long-term care expenses.
We recommend you keep in mind that Medicare and most private health insurance only cover short-term skilled care and usually only under very specific conditions. In addition, they do not offer any coverage related to supervising care.
How Does Long-Term Care Insurance Work?
So how can long-term care insurance be used to fill those gaps? Daily, lifetime limits. The policies are generally designed to reimburse you for allowable expenses, with daily and lifetime limits.
policies typically have certain “triggers” that must be met before coverage can begin. A common trigger is experiencing cognitive decline due to Alzheimer’s or Parkinson’s disease. Another may be the inability to perform two or three daily personal care tasks due to illness.
There is also usually a waiting period before an insurance company begins to pay benefits. If you recover from the illness before the waiting period ends, the policy may not pay for expenses accrued during that period.
The time extension you receive will depend on your policy details. You can get the insurance that offers protection for two years of care or even a lifetime. The cost of a policy for short-term coverage is generally lower.
The final cost of your policy will depend on your age at the time of purchase. But it’s important to know that if you’re in poor health or currently receiving long-term care, you may not be eligible for a long-term care policy.