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Long-Term Care Insurance
Long-term care insurance provides insurance coverage for seniors who need extra care or assistance in a nursing facility, retirement home or in a community environment. Long term care insurance typically do not cover active retirement homes. As with any insurance, experts recommend purchasing long term care insurance long before you actually need to use it to save on premium costs. Seniors who have a family history of chronic illness such as arthritis, Alzheimer's disease, stroke, dementia, Parkinson's disease should strongly consider purchasing long term care insurance.
Closely review your options, needs and resources to help determine whether long-term care insurance is right for you. If it is, remember that insurance companies sell policies that combine benefits and coverage in different ways.
Benefit Triggers - ADLs and cognitive disorder are considered types of "benefit triggers," the term used to describe the factors that qualify a person for eligibility of benefits. This is an important part of a long-term care insurance policy. The policy usually outlines the benefit triggers.
Types of Benefit Triggers
Different policies may use different benefit
triggers. Some states require certain benefit
triggers. Check with your state insurance department
to find out what your state requires.
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