by Vincent P. Benitez, RHU, CLTC | Sep 21, 2017
The six Activities of Daily Living (ADL) are: Bathing, Dressing, Toileting, Continence, Transferring, and Eating. A person who needs Substantial Assistance performing at least two of these activities for 90 days or more is considered to be eligible for long-term care...
by Vincent P. Benitez, RHU, CLTC | Sep 8, 2017
Without long-term care insurance, an individual is in effect, self-insuring for the possibility of long-term care. Self-insuring puts retirement income is at risk, may require illiquid assets to be liquidated, and the value of equities might be compromised when sold...
by Vincent P. Benitez, RHU, CLTC | Jul 25, 2017
The Elimination Period: Calendar Days or Service Days The Elimination period is the number of days an individual is responsible for self-funding a qualified long-term care event before benefits begin to be paid. It’s similar to a deductible but measured in days either...
by Vincent P. Benitez, RHU, CLTC | Jun 6, 2017
Long-term care insurance benefits cover the cost of care up to a monthly maximum amount. The maximum is either the daily cost of care or the monthly cost of care. The difference impacts the insured’s out of pocket expenses. Case in point: Cost of Care...
by Vincent P. Benitez, RHU, CLTC | May 31, 2017
Reimbursement is the standard way Tax Qualified policies pay for qualified long term care expenses. Some reimbursement contracts also offer a Cash Benefit (indemnity) choice in advance of care as a monthly lump sum. Case in point: A Reimbursement policy will...
