Long-Term Care Insurance: The Policy in the Drawer

There’s a policy in a drawer somewhere that Mom has been paying on for twenty years. Do you know what it actually covers?

Long-term care insurance is built to pay for exactly what Medicare doesn’t: home care, assisted living, and nursing care. But policies have moving parts families discover too late. There’s a daily or monthly benefit cap and a total benefit pool. There’s an elimination period — a waiting period, often thirty to ninety days, that you pay out of pocket before benefits begin. Many policies require care from a licensed agency to qualify for payment. And benefits never start automatically — someone has to file a claim, with documentation that your loved one needs help with daily activities like bathing and dressing.

Find the policy now. Read it. Call the carrier. Understand the triggers. A policy nobody files on — or that lapses because of one missed premium during a hospital stay — helps no one.

This has been Care Without Crisis Explains, presented by Vanguard Care Solutions.

For more free videos and family resources — or when you’re ready to talk about care at home — visit vanguardcaresolutions.com or call 301-327-1444.