90-Day Wait for Long-Term Care Insurance Policies

That’s what many long-term care insurance policies require before they will begin covering the expenses. That’s because Medicare will cover the first 20 days of a medical event at 100% then apply deductibles and coinsurance for the balance of time.

However, the Medicare coverage is for medical events. If you need long term care, Medicare does not cover the cost. This comes as a shock to the patient and the families and are convinced that the policy sucks. But once the 90 days has been satisfied for the insurance, the financial pain goes away.
Many new polices now come with remedies for the waiting period. Nationwide, for example, will pay the claims retroactively to day one after the 90 days has been satisfied. Mutual of Omaha allows for a cash withdrawal to help offset the cost. One America can begin covering some of the cost after 30 days.

If you have a policy now and if you can qualify, you might consider an amendment your contract. If you are buying new, plan accordingly.

And, of course, be sure to use the help of a Certified Long-Term Care Specialist, like me! Schedule a call: www.calendly.com/jimbetter. Find more resources in our blog.

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