Navigating the Waiting Period: Essential Tips for Long-Term Care Insurance
“This long-term care policy really sucks,”
exclaimed a family member who was tasked with managing her mother’s care. Her frustration was directed at the lengthy 90-day waiting period before the insurance company would begin to cover the costs associated with the necessary care. However, fast forward two years, and she found herself singing a completely different tune as the expenses related to memory care were finally covered in full by the insurance. But what about that initial 90-day wait? This gap can potentially cost families up to $20,000 or even more, which is a significant financial burden.
Interestingly, one insurance company offers a solution by allowing the payment of a cash benefit that can help cover this coverage gap during that waiting period. Additionally, another insurance company takes a different approach by agreeing to pay for the 90 days retroactively. This means that once the patient reaches the three-month mark, the insurer will reimburse the family for all the expenses incurred during those initial days.
When engaging in the process of shopping for long-term care insurance coverage, it is crucial for families to be acutely aware of the waiting period. Understanding these details can prevent a great deal of angst and stress when the reality of needing care becomes apparent for family members. Being informed and prepared can make a significant difference in navigating such challenging situations.
Let us help you navigate the waiting period with expert advice and tips for Long-Term Care Insurance. Schedule a call: www.calendly.com/jimbetter. Find more resources in our blog.