One of the most confusing aspects of long-term care insurance are the time constraints placed on long-term care insurance policies. In fact, many individuals don't understand or have the knowledge or awareness that long-term care insurance policies do have a time constraint once they are placed into effect. An insurance representative can help an individual understand the different time constraints. However, these are a few of the basics that govern long-term care insurance time constraints and how to combat those time constraints in order to ensure that you are receiving the proper amount of coverage needed for your long-term care needs.
3 to 5 years
A long-term care insurance policy generally has a 3 to 5 year time constraint. This means that if you purchase the policy and you do not use the policy until you are 65 years old or older you will still have the same time constraints as someone who purchases the policy today and need it within a year. Once the policy is put into effect and the policy begins to offer coverage for long-term care needs, that coverage will only last the duration of the 3 to 5 years that the policy holds. After that time, the individual will need to find another way of covering the payment for the long-term care needs that they have.
Covering the Time Constraint of Long-Term Care Needs
Covering the time constraint of long-term care needs is fairly simple. There are several options available to individuals who may be concerned about the 3 to 5 year time constraint placed on long-term care insurance policies. One of the first options covering the time constraint is to ensure that you have some form of major medical insurance that will be able to kick in either prior to the need for your long-term care insurance policy or directly following the need for long-term care insurance policy. The idea with this concept is to have the long-term care insurance as a safety net rather than as the only option for any long-term care needed.
Another option in covering the time constraint of long-term care needs is to utilize a health savings account. Though this may not be an option for some people, those individuals who can utilize a health savings account should be able to utilize that account for long-term care needs to cover if they are unable to obtain a long-term care policy after the three to five-year constraint has run out on the current policy.
Obtaining a new policy is another option that many individuals consider. This is a blurred line as to whether or not to obtaining several long-term care insurance policies is even doable. An insurance representative can discuss this option with you in depth. Some individuals have stated that they are able to purchase 2 to 3 long-term care insurance policies for the simple coverage of ensuring that when one policy runs out in 3 to 5 years the next policy will start. This is something that would have to be discussed with your insurance representative to determine if in fact it is an eligible option for your needs.