Elder Law Attorney

A lower daily benefit will mean lower premiums. Inflation protection. If you are purchasing a long-term care policy and are younger than age 62 or 63, you will need to purchase compound inflation protection. This can, however, more than double your premium.

A: No, there is no refund of premium to the family if benefits are not needed. However, if you need LTC during your lifetime, you can draw down on the death benefit to pay for those needs. Whatever remains after you pass away still goes to your beneficiaries.

What Effect Can a Long-Term Care Benefit Rider Have on a Life Insurance Policy? Because the payout for long-term care riders is a percentage of your life insurance policy’s death benefit, it can reduce the amount that’s left to your beneficiaries when you die.

Right now, fewer than 1 in 30 Americans own a long-term care (LTC) insurance policy, and only about 7 percent of adults over 50.

Medicare generally doesn’t cover Long-term care stays in a nursing home. Even if Medicare doesn’t cover your nursing home care, you’ll still need Medicare for hospital care, doctor services, and medical supplies while you’re in the nursing home.

Medicare covers care in a SNF up to 100 days in a benefit period if you continue to meet Medicare’s requirements.

Long term care isn’t meant to provide the same level of medical care as skilled nursing, but there will likely be access to medical practitioners should they be needed. Because long term care is more of a permanent residence than skilled nursing, it isn’t typically covered by insurance, Medicare, or Medicaid.

Nursing homes are where people usually go when they require high levels of assistance with non-medical, everyday living tasks. On the other hand, skilled nursing is what people may receive when they require medical care in cases such as recovering from a stroke.

The 3-day rule requires the beneficiary to have a medically necessary 3-day-consecutive inpatient hospital stay and does not include the day of discharge, or any pre-admission time spent in the emergency room (ER) or in outpatient observation, in the 3-day count.