Do you need a Florida long term care insurance policy? What things does a long term care policy cover in Florida anyway? How does one go about finding the best long term health care insurance plan in Florida? These are all important questions to ask yourself as you plan for your future in the Sunshine State.
The insurance business in the state of Florida is a very important one, mainly the long term insurance industry. The reason for this is that Florida is a known state for what are called “snow birds” (people coming from the North) and some senior citizens actually move to this state to spend the last year of their lives living peacefully ins this great weather state.
It is important to understand that finding good long term care insurance in Florida should not be a hassle. The industry understands that there are many senior citizens in this state (and younger people planning for their future potential long term care needs) and they have many different top notch solutions to offer.
Definition Of Long Term Care Insurance in Florida
The FL long term insurance industry is not hard to understand at all. Just like an automobile or life insurance policy, long term is simply a contract between the insurance company and the person being insured. What this contract states is that the company will take care of a person’s expenses once they become chronically or terminally ill. It is very important for people to check the many stipulations the policy is based on. There are some companies that only cover certain illnesses and because of that reason it is better to ask what is covered under a certain policy, before just accepting the policy upon the first look.
How To Qualify For Florida Long Term Care Insurance Benefits
As stated previously a long term care insurance policy covers for most of an individuals care when they are diagnosed with a critical illness or a chronic illness. It is not that hard to receive aid from your company once you have purchased your long term care insurance policy in the state of Florida. It is important to understand that most policies have a waiting period that can vary from 15 to 90 days and works basically as a policy deductible. During that waiting period the insured will have to pay for their care costs and once the period is over then the insurance company will start paying for the rest.
In order to receive assistance from your company when you have a critical illness of a chronic illness you will have to qualify with one of these two things: 1) you must be under constant supervision in order to be protected from health or hazardous situations because of cognitive impairment or 2) be unable to perform two of the many daily living activities. When companies state that you must be unable to perform two of the normal daily living activities they are referring to things such as bathing, toileting, eating, dressing, transporting yourself, etc. It is important to highlight that many companies are very specific about this things so you should look into your policy before actually purchasing something.
Things A Florida Long Term Care Insurance Policy Covers
Once you are able to get the benefits because you have been diagnosed with a chronic or terminal illness you will be able to use them in a variety of ways. Most Florida long term care insurance companies accept people to use the payments for a nursing home stay, an assisted living facility, at home care, hospice care and some may even go as far as to give benefits to care provided by a family member. They do this last one because they recognize that someone in the family might be qualified to do this and the other members of the family trust him or her more than leaving the insured somewhere else.
It is also important to highlight that Florida long term care insurance will also cover home or community care services. This refers to physical or speech therapists, home health helpers, nurse visits and adult day care. You will also be covered when services with skilled care (round the clock treatment), intermediate care (occasional nurse and doctor visits) and custodial care (assisting the insured with daily activities such as eating, dressing and bathing). It cannot be stressed enough that policies vary from company to company and by state so it is always important to understand your type of policy.
What To Look For In A Florida Long Term Care Insurance Policy
It is understandable that what you may look for in long term care insurance might be a little different than those things another person would look for. However, it is important to highlight the many things a customer may be aware of so that they get the best long term care insurance policy in the state of Florida and the one that best fits their needs.
1. Financial Strength: This might be one of the most important things when it comes to selecting a company that is going to be the best one for you. The reason I say this is because companies that have good financial ratings are ones that have enough money to provide their customers with excellent services and most importantly pay claims. Since long term care insurance is a long term healthcare investment you should always look at financial strength as a future predictor of how your company will be in years to come. Some of the main rating companies include A.M. Best, Standard and Poor’s, Moody’s and Fitch Ratings.
2. Waiting Period: We already talked about this before but the important of this major clause in your policy cannot be left out. Many companies have different waiting periods, but the amount of time you have on your waiting period will also determine the cost of your policy. Before choosing any of the options about waiting period you should ask yourself this question: How many days would you be willing and able to pay your care before the insurance company starts making payments? If you know the answer then you are ready to go and you pretty much deciphered one of the hardest parts in a long term policy.
3. Covered Care: This is another really important thing in a long term policy! What this refers to is basically the services that your long term care insurance company is willing to pay. Most people in today’s society want to be covered for “in home care” simply because they don’t want to go anywhere and they want to live as normal as they can. Most policies will also cover assisted living facility care and hospice care. And as stated before this section some insurance companies will even pay for care provided by family and friends.
4. Maximum Daily Benefit: Although not as important as the other things mentioned you should know the total amount your long term insurance company is willing to pay per day. When you are establishing the details of your policy make sure you get a maximum daily benefit that is comfortable and won’t limit you in certain aspects of your care. Remember that long term care tends to increase overtime!
5. Complaint History: Once you decide on a company that you may be interested in then be sure and do a little research into their history of Florida long term care insurance complaints. Talk to an experienced Florida long term care insurance agent and speak with others that you trust in order to get some guidance.
Compare Florida Long Term Care Insurance Quotes
As you can see there are many aspects of long term care insurance in Florida that is easier to understand once you dig into the details a little bit. Now you know what a FL long term insurance policy is and how a person qualifies for it. You also know what a Florida long term care insurance covers and the things to watch out for when determining which policy is best for you. With all this information you are ready to go get long term care insurance in Florida that will best fit your needs!
Of course, there is not one single “best Florida long term care insurance company” for everyone as every FL resident has different needs and different personal circumstances so it makes sense to compare qu