If you live in Spokane, WA, you may be considering long-term care insurance and whether or not it is a good option for your situation. As you age, there are many reasons why you may need this type of insurance to help cover medical care as well as daily assistance. Understanding long-term care insurance coverage and eligibility is vital when choosing the right insurance plan to meet your needs.
Understanding Long-Term Care Insurance in Washington
Long-term care insurance is a type of insurance policy that can help you cover the costs of long-term care as you age.This is a specialty type of insurance coverage as it helps to cover expenses associated with things that health insurance, Medicaid, and Medicare generally don’t cover. These types of coverage options usually only cover traditional medical expenses that are not necessarily long-term care.
Long-term care is not strictly provided for people who are sick, as it focuses on providing daily assistance for basic tasks. For example, you may need help dressing, bathing, or getting around, which would qualify as long-term care. These are things that can become quite costly, which is why long-term care insurance plans can be so beneficial.
Long-term care insurance eligibility often requires that you have a limited income and limited assets and have a specific need for long-term care. Keep in mind that it is highly recommended that you get a policy when you are younger and healthier as you will face higher premiums if you are older in age and already have significant health issues.
Long-Term Care Insurance Costs
The cost of long-term care insurance will vary depending on the situation and the type of coverage you need. Most people can expect to pay several thousand dollars as an average annual premium, and you will need to get a specific quote for your situation. Overall, most people find this to be a good investment as it is significantly lower than the upfront cost of long-term care without coverage.
Some factors that will be taken into consideration when creating your policy rate include:
- Your age
- The maximum amount per day your policy pays
- The maximum number of days the policy will pay
- Optional benefits you may choose
Keep in mind that these policies have limits on how long or how much they will pay, with the average timeline being 2 to 5 years. However, some rarer policies may even pay for your long-term care for as long as you live.
How much your insurance policy costs will also depend on the type of insurance company you choose. You need to do your research thoroughly so that you select an insurance company with a good rating and reasonable long-term care insurance policy rates.
Benefits of Long-Term Care Insurance in Spokane
Even though the cost of long-term care insurance can feel overwhelming at first, it is often a very good option for people who need long-term care. Long-term care insurance coverage can help cover the costs of things such as adult day care, hospice care, home care, and expenses associated with living in a nursing home, Alzheimer’s facility, or assisted living facility. It will help you cover all of your expenses that are not strictly medical, which is something that other insurance policies usually don’t cover.
Here are some of the more common benefits you can expect to see when you get long-term care insurance.
- Reduced expenses: Having this insurance plan will help you to cover out-of-pocket expenses that may be unplanned for or are more than you can afford. This is especially important as your care needs may progress over time.
- Peace of mind: Long-term care can be mentally taxing and a financial burden as the costs will quickly start to stack up. Long-term care insurance gives you peace of mind in knowing that these expenses will be covered even as your care needs change.
- Inflation protection: Many long-term care policies integrate inflation protection that will adjust your insurance benefits according to the cost of healthcare. This ensures that your benefits will cover your care needs even as the rates start to go up.
- Customizable coverage: Every individual will have very different long-term care needs, which is why these insurance policies offer significant customization options. This allows you to get a policy that only covers what you need so that you aren’t paying for benefits that go unused.
- Tax benefits: There are some instances where the premiums you are paying for your long-term care insurance policy may be tax deductible.
Before taking the plunge and getting a long-term care insurance policy, you need to hire an experienced elder law lawyer who can help you navigate this process. They can help you locate the best long-term care insurance policy, review legal documents, and find a rate that is suitable for your financial situation.
How to Choose a Long-Term Insurance Plan
When you are in the process of choosing an insurance plan for long-term care, there are certain things that you need to keep in mind. The first thing you need to do is hire a lawyer who can help you navigate the legal complexities involved, as you will have to review extensive legal documents before signing anything. Here are some examples of the other things you need to keep in mind before making your final decision.
- Your current care needs, as well as the care you believe you will need in the future.
- Your current financial situation and how it will look in the future.
- The reputation of the insurance company and the types of rates it provides.
- The different policy features such as the daily benefit amount, benefit period, and whether or not it has inflation protection.
- The terms and conditions for the policy and if there is anything that is not covered.
Get in Touch With an Elder Law Attorney Today
To understand more about long-term care insurance and long-term care planning, reach out to an experienced elder law attorney at Legacy Law Group in Spokane, Washington. Contact us today at 509-315-8087 to speak with one of our lawyers to get the process started.
