Essentially, long-term care insurance provides financial protection should you become unable to care for yourself because of a chronic illness; disability; cognitive impairment, such as dementia; or other age-related conditions preventing you from managing a number of activities of daily living without assistance. It can cover stays in nursing homes and chronic care facilities or the services of a caregiver in your own home. Generally speaking, there are two types of long-term care insurance plans:
- One reimburses you for eligible expenses that are outlined in your plan (such as homemaking or private nursing services) that you may incur on a given day, up to a pre-determined maximum.
- The other is an incomestyle plan, which offers a pre-determined monthly benefit amount. With an income-style plan, the regular benefit you receive (e.g., monthly, weekly) can be spent any way you choose. You can use it to help finance your care in a residential facility, for in-home care services or to pay someone in your own family to look after you.
Enhance your coverage by adding one or both of the optional riders available on LivingCare:
- Inflation Protection Rider increases you Care Benefit Balance by 2% compounded annually. With LivingCare, inflation protection is working for you whether you’re receiving benefits or not.
- Return of Premium on Death Rider.
- On Single Life Coverage, the Return of Premium on death Rider returns a portion of the eligible premiums paid, minus any Care Benefits already paid, on death.
- On Shared Coverage, the Return of Premium on Death Rider returns a portion of the eligible premiums paid, minus any Care Benefits already paid, on the death of the last insured person.