Insurance tips

Key points to remember about long-term care insurance

• Long-term care insurance policies cover a wide range of medical, personal and social services.

• Understand what must happen for a policy to begin paying benefits.

• Understand the elimination period.

• Understand the daily benefits provided.

• Understand your coverage and exclusions.

• Match your need for long-term care with your need to protect assets and your ability to pay premiums.

• Understand how much your premium will be and how often it must be paid.

• Your premium may increase after your purchase.

Source: National Association of Insurance Commissioners, www.naic.org

Nursing home: (also called long-term-care facility or convalescent-care facility)

Licensed facility that provides general nursing care to those who are chronically ill or unable to take care of daily living needs.

Assisted-living facility: Residential-living arrangement that provides individualized personal care, assistance with activities of daily living, help with medications, and services such as laundry and housekeeping. Facilities may also provide health and medical care, but care is not as intensive as in a nursing home. Types and sizes of facilities vary, ranging from small homes to large apartment-style complexes. Levels of care and services also vary. Assisted living allows people to remain relatively independent.

Adult family home: Residential private home designed to provide housing, meals, housekeeping, personal care services, and supports to frail or disabled residents. At least one caregiver is on-site at all times. In many states, group homes are licensed or certified and must meet criteria for facility safety, types of services provided and the number and type of residents they can care for. Group homes are often owned and managed by an individual or family involved in their everyday operation.

Resources

• The Washington state Office of the Insurance Commissioner offers several resources on its website: www.insurance.wa.gov/

• The site lists companies approved to sell long-term-care insurance in Washington state: 1.usa.gov/NLog7w

• National Association of Insurance Commissioners: www.naic.org/ also has a page dedicated to information about long-term care at bit.ly/1dtDqrz

• American Association for Long-Term Care Insurance: www.aaltci.org/