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One of the questions I get asked again and again by seniors who are considering a move to a continuing care retirement community (CCRC, also referred to as a life plan community) is whether or not they can use their long-term care insurance (LTCi) policy to pay all or a portion of their monthly CCRC fee.
In this short video blog, I discuss the three key things to understand about using an LTCi policy to pay for your care at a CCRC:
- Be absolutely sure you know the detailed terms of your specific LTCi policy and the types of care that it covers.
>> Related: 3 Frequently Asked Questions About LTC Insurance Claims
- Understand how your policy classifies CCRCs, and if your policy doesn’t mention CCRCs by name, I’ll explain what you need to do.
- If you’re considering a life care contract, be clear on what portion of your monthly CCRC payment will be considered a reimbursable long-term care expense if and when you begin receiving LTC services. Learn more about life care contacts and other types of CCRC contracts >>
While they can be pricey, long-term care insurance policies also can be an important piece of the puzzle when it comes to planning for the care you may need as you age. Be sure you understand exactly what you are getting with the policy you are paying for.
To learn more about long-term care and various CCRC payment options, visit the My LifeSite Resources section.
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