Long Term Care Insurance in New Jersey
As your age advances, your ability to perform your day to day activities will reduce gradually. To ensure that you or a loved one who is in their 50s or 60s will still be able to lead a quality life, you may want to learn more about long-term care insurance. The policy is designed to reimburse policyholders so that they can get assistance with bathing, dressing, and eating. At Marino Agency Inc., we help the residents of Mt Ephraim, NJ and the surrounding areas of New Jersey to purchase quality insurance policies. Contact us today for an insurance quote.
1. How long-term insurance works
Before purchasing a long-term insurance policy, it is important to understand how it works. You will also need to be aware as of what coverage to expect and how it provides benefits to cover part of your cost.
- Covered services
These policies cover a variety of care arrangements that those in need of long-term care may require. Some of these arrangements include a nursing home, assisted living, adult day care services, home care, home modification, and any other long-term care service that is introduced after you have purchased your policy. Homemaker services can also help with grocery shipping, meal preparation, and housekeeping.
While there are no age restrictions for those applying for this policy, all applicants must be in good health at the time of purchasing the policy. To be eligible to receive benefits, they must be unable to perform several activities of daily living without assistance or supervision for at least 90 consecutive days. If you have severe cognitive impairment or if you need help with two out of the six things such as bathing, dressing, eating, transferring, toileting and continence, then you will also be eligible for this type of policy. A doctor must also certify that you are chronically ill to prove there is a problem.
- Payment of benefits
Before the benefits are paid, most policies will have a waiting period. This period begins at the time when the policyholder has been certified as eligible for benefits. It is important to choose an insurer that requires you to satisfy the waiting period only once in your lifetime. The two ways the benefits are paid are by cash or reimbursement. Cash has no elimination period to satisfy, while with reimbursement benefits will begin after you satisfy the policy’s elimination period. If you keep your eligibility, your policy will continuously pay until the policy limit is reached.
- Care coordinator services
These are services offered by trained and licensed professionals. The professionals are trained to assist in identifying needs, locating the required services, and making arrangements for the care needed. The policy can cover these services and monitoring of care providers.
2. Developing a policy that is right for you
When purchasing any insurance policy, it is important to be sure that it is right for you. You will need to be mindful of a number of factors which an agent at Marino Agency Inc. could assist you with.
- Assessing needs
Assessing your needs will help to determine the kind of long-term care you will need if you require assistance or supervision to do your activities of daily living.
- Making decisions
Your decisions should be based on factors such as your age, health, the premiums, your income, your support system, your taxes as well as your savings and investments. It is also important to understand the policy limit, the maximum monthly benefit, the elimination period, and how to protect your self against inflation.
- Additional optional benefits
Some policies offer specific optional benefits to policyholders. Some of the advantages are inflation protection, non-forfeiture, reduced paid-up benefit and shortened benefit period. Talk with your insurance agent to learn the details behind what additional optional benefits are offered by us at Marino Agency Inc.
3. Selecting the right company
Choosing the right company will require you to check the stability of the insurer. You will also need to compare costs and information from different companies before settling on your preferred insurer. We offer competitive policies to those seeking long-term care insurance. Reach out to us to learn how so many have come to trust our name.
If you live in Mt. Ephraim, NJ and would like to learn more about long-term care insurance, kindly contact Marino Agency Inc. Our mission is to help the residents of New Jersey to access the services they need, when they need them.