In a recent post I've spoken about whether or not long term care insurance should be purchased or not. That decision is entirely yours but financial advisers are certainly willing and able to assist. However, if the decision to purchase long term care insurance is confirmed, there are a number of points to understand and this post along with the next few in this series talk about some specific about long term care insurance.
Long term care insurance does not work like most medical plans. Once you purchase the insurance and have the need to use it, the benefit still may not be there. Some policies have a period of time, once long term care is need and when the policy will start paying for services. This period of time may be anywhere from 30 days to 100 days, anywhere in between or more. I'm not real certain of this period of time, but it is present and does confuse a lot of people when they are trying to take advantage of their benefits. As always there are exceptions to the rules and other legal terms and conditions, but in general please be aware of the waiting period of time that you still will be responsible for paying for services prior to the policy turning on.
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