In working with individuals who have Long Term Care (LTC) Insurance, I have one of our many who used it all up. Sadly, I have walked into situations where the individual has passed away before they used half of the benefits.
I am still waiting to figure out why you wouldn’t start your claim as soon as you possibly can. What you should know is that:
- Once your claim is approved, you NO LONGER PAY your LTC premiums.
- While many state they are for two years, that is how they calculated the full benefits, but they continue to pay as long as your policy still has money left to cover your LTC qualifying expenses.
If it were me, I would rather use up all of the LTC insurance money before I paid for the services needed out of pocket.
Many of the policies have a distinct mention of cognitive impairment which is separate and distinct from qualification by needed help with the Activities of Daily Living (ADLs) to include bathing, walking, toileting, dressing, and eating.
I hope this might spur a few people to look into this and get the benefits flowing as soon as you or a loved one qualify. Hoped.