Another misconception of long-term care is that it is only given in nursing homes. Well, that is possible but it could also be done in an adult day care center, a housing facility for the elderly or disabled people that provides special care, or even in the comfort of your own home.
Assistance with ADLs that is referred to as “custodial care,” may be given in the same location. But do not confuse it with “skilled care” because these are two different services. Skilled care provides nursing, medical, rehabilitative services, which includes assistance in taking medicine, those who needs testing like blood pressure, or other such services. This distinctiveness is vital because usually Medicare and majority of private health insurance pays solely the skilled care and not the custodial care.
Take a good look at our long-term insurance page for further details on eligibility or costs.
Disability policies possess two distinct protection qualities that are vital to know.
- Non-cancelable suggest that the policy can never be cancelled by the company apart from the non-payment of premiums by the policy holder. This also means that you can renew your policy yearly without additional cost and without taking out any benefits stated in the policy.
- Assured extendable provides you of being in the position to renew the policy having the same benefits without any cancellation on the part of the company. Nevertheless, your insurance company has the right to raise your premiums for as long as the other policy holders of the same class has the same increase.
Beside the standard disability policies, there are various alternatives that you should assess when buying a policy such as:
- Increased buying alternatives
You are given the option to purchase additional insurance after a certain period from your purchase of the first insurance policy for only an additional cost.
- Integration of benefits
The benefits you have from your insurance company depends on your disability benefits. Your policy stipulates a specific amount that you will receive from all the policies you purchased. This policy will compensate the difference which was not indemnified by the other policies you own.
- COLA or cost of living adjustment
COLA raises your disability benefits after a period of time depending on the inflated cost of living which is determined by the Consumer Price Index. Should you prefer a larger premium, chose COLA.
- Residual or partial disability rider
This condition permits you to go back to work on a part-time basis, get your wages and likewise receive partial disability payment that is, if you are yet partly disabled.
- Return of premium
This provision imposes the insurance company to partly refund your premium if no one makes a claim for a particular period that is stated in the policy.
- Waiver of premium provision
This clause tells you that there will be no premium payment on the policy if you are disabled for 90 days.
To speak with BizSmart’s health insurance risk advisor, kindly fill up the form below.