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Long Term Care Insurance Michigan

Long-term care issues can be complex and confusing. With so many options, services, and settings in which care is given, many people delay learning about the issues until they are personally affected. Unfortunately, that is likely to be the time when you are under the most pressure to make a decision, and when time is too short to carefully weigh your options.

Because these long-term care issues deserve your careful attention, don’t wait until it’s too late to find out all you can about this important health care alternative. Don’t wait any longer to find out important information!

What is Long-Term Care?

Long-term care is the day-in, day-out assistance you might need if an illness or disability lasts a long time and leaves you unable to care for yourself. This may or may not include a nursing home stay. In other words, it is a continuum of services that can be provided in a variety of settings ranging from one’s own home, assisted living facility, adult day care facility or a nursing home. Long-term care covers a broad spectrum of care and services ranging from basic personal care to medical care.

Long Term Care Insurance Michigan Shopping Tips

  • Shop around for an insurance agent and an insurance company–ask friends, family or neighbors if they recommend their insurance agent or company.
  • Ask insurance agents which insurance company’s products they sell; most agents only sell products from a few companies. Compare several different products from several different insurance companies. You might need to talk with several different agents.
  • Carefully compare the benefits and restrictions between policies.
  • Most LTC insurance premiums increase over time. Carefully evaluate whether premium payments over a long period could be a financial hardship.
  • Never pay insurance premiums in cash; do not make checks payable to the insurance agent.
  • Read your policy carefully and ask follow up questions.
  • Use your 30-day “Free Look” period to return a policy for a full refund if you are not satisfied!
  • Understand what a Long Term Care Partnership (LTCPP) policy is, how it differs from non-LTCPP policies, and whether it is affordable for you.

The Michigan Medicare/Medicaid Assistance Program developed the Long Term Care Insurance Michigan Comparison Guide to help you understand long-term care and the insurance options that can help you pay for long-term care services. This guide will help you figure out the who, what, why, where, and how of long-term care insurance.

By the end of this publication, you will learn:

• What is long-term care insurance
• Who should consider purchasing long-term care insurance
• Why you might want to purchase a long-term care policy
• Where you can find more information
• How to choose the policy that best fits your needs
This guide is for informational purposes only. Please double check costs and coverage information before purchasing long-term care insurance. You can verify the information by contacting insurance companies directly.

SOURCE:  State of Michigan, Office of Financial and Insurance Regulation

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