Senior Village Helps Members Decipher Long-Term Care Insurance

Attempting to understand a long-term care insurance policy can feel like grappling with a foreign language. Though these policies may not be written in Mandarin, the jargon they contain can be just as indecipherable.

That’s why Senior Village helps translate the complex terminology of long-term care (LTC) insurance policies for its members. Senior Village’s Forms & Documents Team is comprised of experienced volunteers and includes retired LTC specialist Don Burkhead.

Don helps members to understand the intricacies of their policies. He thoroughly analyzes their policies and writes valuable reports encompassing coverage details, qualification criteria for policy activation, and information about daily and long-term financial benefits.

For example, ADL stands for activities of daily living. ADLs represent routine tasks that individuals do to take care of themselves and function at a basic level. They include bathing, dressing, eating, mobility, continence and toileting. The assessment of ADLs is often used to evaluate an individual’s independence and functional ability in order to qualify for policy benefits. Understanding how your policy defines and evaluates ADLs is vital.

Another important phrase to know is elimination period, which refers to the waiting period when you must cover out-of-pocket expenses before the policy coverage kicks in. The length of the elimination period typically varies between 30 and 180 days. Choosing the best elimination period for you means weighing the trade-off between premium costs and financial preparedness.

On the other hand, nonforfeiture benefits provide a safety net if you decide to terminate your policy prematurely. This feature allows you to retain some benefits or value accrued within the policy, offering financial protection even if you choose to discontinue coverage.

Don’t let jargon stand between you and comprehensive knowledge of your LTC policy. Waiting until the need arises to understand your policy can be risky. So, take advantage of your Senior Village membership benefits now and become acquainted with your policy before you need care.

The Senior Village Forms & Documents Team also assists members in organizing paperwork, filling out forms and understanding legal and financial terms. Volunteer advocates provide members with a Planning Ahead handbook to record legal and financial data, help members gather important documents, assist in explaining terms and filling out forms and support members through legalities in the first months after a loved one’s death.

To schedule an appointment for a Forms & Documents Team volunteer visit, members can call (520) 314-1042. To become a Senior Village member, please email [email protected] or call (520) 314-1042 and leave a message. A Senior Village volunteer will gladly help you become a member.