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When Does A Long-Term-Care Insurance Start Paying Out?

Long-term-care policies are there for you in some of your most difficult times. This type of insurance policy covers items such as assisted living care, nursing home care, and any other long-term type of care. Many of these policies make many questions come forward, including questions about when the policy will payout. 

What is Required Before a Payout?

There are typically two life events that may occur before a long-term-care policy pays out. These two life events involve either you or a loved one becoming significantly cognitively impaired or you or a loved one needing assistance with at least two basic living skills. The doctor will provide any medical records that are necessary or will perform screening as necessary. 

What is the Timeline with a Payout?

There is usually a waiting period before benefits can kick in. This waiting period is typically anywhere from sixty to ninety days in most cases from the initiation of the policy. Sometimes, however, the type of care you are receiving will determine the timeline before your payout is given. If there is a more immediate need for services, for instance, there will be a shorter waiting period. 

How is the Waiting Period Determined?

The waiting period for a long-term-care policy is determined in many different ways. Though there is a sixty to ninety-day waiting period, there are many ways in which this is determined. Sometimes, for instance, a ninety period may only include the ninety days where care was received rather than the ninety days of the calendar. This is something to discuss with your insurance company. 

Final Thoughts

Many things should be considered in a long-term-care insurance policy. It is important to understand your waiting period and the details of your policy before going through. 

Updated on March 31, 2020

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