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LONG TERM CARE POLICY CONSIDERATIONS

Betty Quigley Insurance
Long Term Care Specialist

  1. Long Term Care is custodial care and is not covered by Medicare or Medicare Supplements. Medicare pays for skilled care only.
  2. Before buying a Long Term Care Insurance Policy, compare multiple insurers before making a decision. Make sure it is a qualified plan that is tax deductible.
  3. Choose a company with experience and stability that has been selling Long Term Care Insurance for 20 or 25 years, A company with an A or A+ rating with AM Best and a good record of paying claims in a timely fashion.
  4. Buy a policy that pays for care in your home, assisted living day care and nursing, and pays 100% of the daily benefit in all settings, not one that pays 50% for home care, day care and assisted living.
  5. Buy a policy that pays for care in every state in the United States, not just the state in which it was purchased.
  6. Florida’s Long Term Care Partnership Program between Medicaid and private long term care insurers is designed to encourage people to purchase long term care insurance. When purchasing a Partnership Policy make sure it is recognized in the states in which your children and family reside and in states you might move to when you need assistance and care. Also make certain that your monthly income does not exceed the Medicaid limit.
  7. Make sure that you understand the elimination period. The elimination period may not be “calendar days” but “days of actual private paid service”.
  8. Make sure you understand the difference between reimbursement, indemnity or true cash policies.
  9. Choose a benefit amount that is right for the state in which you plan to receive care.
  10. Obtain information on traditional Long Term Care Policies, Life Insurance Policies with riders for long term care and annuities that pay for long term care.

Betty Quigley Insurance
Long Term Care Specialist
813-962-4553 (Home)
813-263-7080 (Cell)
1-800-877-8099

Betty Quigley has 25 years experience in the long term care field, has served on the Florida Insurance Board, worked with several state senior care organizations and served on the State of Florida Long Term Care Advisory Board.