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LONG TERM CARE
Q:
Who needs long term care insurance?
A: Most people believe that they are covered for nursing
care expenses. The fact is, Medicare, Medicare Supplement
Insurance, and most medical insurance plans will not pay for most
long-term care expenses. Participation in this program is
obviously a matter of personal choice. Be assured, you are under
no obligation.
Q: Who is eligible?
A: Members and employees of members of the American College
of Emergency Physicians are eligible to purchase Long Term Care
Insurance through this program. Eligibility is extended to
spouses, parents, grandparents, children and grandchildren. The
program provides for a discount in premium. There may be an
additional premium discount available for married individuals.
Q: Is coverage guaranteed?
A: No. It is important that you apply for long term care
insurance when you are in good health in order to get the policy
issued and to have the best premium rates. However, we do have one
carrier who is more willing to insure individuals with certain
medical conditions than others. So please apply now.
Q: What about the coverage effective date?
A: You may request a specific effective date. Typically it
is the first day of the month following your application approval.
Q: May policies be paid up?
A: In many states it is permissible to purchase a plan
which can be paid up in ten years or even a one-time premium
payment. Not all insurance companies offer such plans.
Q: How much does it cost?
A: Premiums for Long Term Care Insurance depend on age,
health and medical history, marital status, your state of
residence and the amount of Long Term Care Insurance you wish to
have. The best time to buy long term care insurance is when you
are in the best health and at the youngest age. Although there
seems little difference in premium at younger ages, it is
important to consider the effects of inflation and that more
insurance is likely to be needed if you wait to purchase long term
care insurance. Policy inflation protection starts to inflate
benefits after the policy is issued, not after a claim begins.
Q: What kind of plan is best?
A: Many different combinations of benefits are available
within Long Term Care Insurance policies. The flexibility of the
policies will allow you to personally tailor your plan to your
objectives and budget. Premiums are based upon benefit choices
such as: Daily Benefit amounts $20 to $250 per day, Waiting
periods for coverage to start range from the first day to 30, 90
and 180 days. Length of benefit periods you may select a range
from Lifetime, five to three years.
We suggest lifetime benefits with inflation protection. We suggest
plans cover care received in nursing facilities, at home and
community based care. To adjust premiums we suggest longer waiting
periods for benefits to begin and to consider different amounts of
daily benefit. We never suggest that you remove inflation
protection. |
