In: Accounting
For this assignment I need to do a discussion post about long term care insurance:
Not too sure about this topic - The responds should be about two paragraphs.
Consider the cost of long-term care insurance. Is there a cost-benefit to purchasing long-term care insurance? Would your assets be completely protected by this insurance option? Are there specific considerations for individuals or couples?
Like all other forms of insurance, once you buy an LTC policy and begin paying the monthly premium, you become entitled to the benefits.
Coverage on most LTC insurance policies kicks in once the policyholder needs help with two or more of the six Activities of Daily Living (ADLs): eating, bathing, dressing, transferring, using the toilet, and maintaining continence. Severe cognitive impairment that increases the policyholder's health and safety risk also qualifies.
Each policy has an elimination period, which states the number of days the insured must wait to receive benefits after the insurer determines they're eligible. A typical elimination period is 30, 60, or 90 days.
Purchasing an LTCI policy can: