Long-Term Care Insurance

Manage the risks and costs associated with long-term care.

Long-term care insurance for families in Washington.

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Long-term care insurance may be your best option if you develop a chronic illness or become disabled and can no longer care for yourself for an extended period of time. We’ll help prepare you for the unexpected. View our LTC insurance handout for more information.

Washington’s new Long-Term Care Trust Fund payroll tax will be effective Jan 1, 2022.

The Washington Long-Term Care Trust Fund is a care insurance benefit designed to help eligible Washingtonians get access to different needed lifecare, such as nursing facility housing, rides to the doctor, handicap equipment, and home-delivered meals. The Department of Social & Health Services has more information about the Long-Term Services and Supports Trust Act here.

Not all Washington residents will qualify for the trust fund. Additionally, the care benefit that is provided for those who qualify is set to a limit that might not be sufficient for future care. Luckily, other options have been created. The deadline to get private LTC coverage and opt-out of the payroll tax is Nov 1, 2021.

Mosaic Insurance Alliance wants to do our share in helping provide another course of action. Being an insurance broker founded and licensed in Washington state, Mosaic Insurance Alliance has been active in this new change and is ready to help you prepare by providing you another option. Give us a call today. You can also send us an email.

Did you know long-term care is not covered by most medical insurance?

While it’s great news that medical advances mean people are living longer, it does increase the chances of needing long-term care. This can be a costly service and is usually not covered by typical medical insurance.

What does long-term care insurance cover?

The potential expenses of long-term care are wide-ranging and long-lasting, covering nursing home bills, day care services, home modification, and assisted living facilities, among others. Long-term care insurance will pay out to cover these costs (and give you peace of mind before those costs arise). Usually, there’s a limit on the number of years during which the long-term care insurance policy pays out, or on the total amount that can be paid.

Payment schedules may vary from policy to policy.

Check the payment schedule carefully. Some policies will only pay up to a specific amount for each specific type of long-term care or associated cost. Others, usually described as “pooled benefits,” will pay out a total amount that you can split as required to cover your particular long-term care needs.

Important coverage details to consider.

You’ll also need to check details including whether the long-term care insurance policy is restricted to approved or specified long-term care facilities, and exactly what medical examinations and assessments are needed to trigger payouts. Remember that, as with medical insurance, pre-existing conditions–and the associated care costs–may not be covered for a set period after you take out the policy.

Does your policy allow for inflation?

Finally, check if and how your policy allows for inflation. It could be years before you need to take out the benefits, and the long-term care could last for many years after that. Long-term care insurance coverage limits that seem adequate today may not be so when you come to need them.

Contact us to explore long-term care insurance coverage and if it may be a good fit for you and your family.

Personal Long Term Care Insurance - Man and Woman Camping Together and Looking At A Map Together With Their Small Dog

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