Long term care also known as (LTC) insurance is a way to pay for nursing home, assisted living facility or home health care expenses. Just like any other insurance, you pay monthly premiums for a benefit that you may not use in the future. Long term care insurance in Florida will in most occasions require a health examination and evaluation of your prior health records as part of the underwriting process. If you are 75 years old and have been diagnosed with Alzheimer’s or Parkinson’s and have a history of health complications the chance are your premium will be significantly higher than a 45 year old in general good health or rejected all together. Be sure to be honest during the underwriting process because if you make any “material misrepresentations,” your long term insurance carrier may refuse to pay the benefit even after years of paying premiums.
LTC or Long term care insurance policies are generally bought individually, however life insurance with a long term care rider is another option gaining in popularity among Floridians. This options allows for less scrutiny during the underwriting process allowing people that other wise would not be eligible to opt in to this benefit. This option also allows you to have the ability to draw down on the life insurance death benefit (referred to as an “accelerated death benefit”) to pay for long-term care expenses such as hiring a home-health aide, entering an AL For skilled nursing facility, adult day care, or hospice care.