In rebuttal to the letter by Jean West, I’d like to offer the correct figures that were presented. Most policies do not require a 100-day waiting period (elimination period). Policy owners can stipulate this elimination period from ‘first-day’ coverage, 0 days, 15, 30, 60, 90, up to three years.
Medicare will not pay for long-term care, but will pay for 100 days of skilled care in a facility; thus, the reason a lot of policies are set up with the 100-day period to which West refers. This way Medicare will cover that out-of-pocket expense and then the policy will pick up after the Medicare benefit is paid.
Yes, care must be provided by a licensed provider (CAN, LPN or RN). Why would you want it any other way?
Long-term-care insurance is two-fold in nature; to cover the costs of long-term care should one need it and to protect a person’s assets.
My mother recently passed away after having been in a skilled nursing facility for almost three years. She did not have long-term-care insurance, and when she died, her cash estate was worth only $6.45. My mother always wanted to leave something so her children and grandchildren could have a better life than she had. If she would have had long-term-care insurance, she could have fulfilled the legacy she wanted so badly to do; instead, she died indigent.
What would you want for your loved one(s)?