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How Long Does it Take to Obtain Access to My Long-Term Care Insurance Benefits Once I Get a Policy?

Quick Answer

When you own an LTC Insurance policy, how long do you have to wait until all the benefits are available to you? Generally, there is no waiting period outside the elimination period (deductible based on days).
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Detailed Answer

Once you get approved and have paid your first premium, you have full access to your Long-Term Care Insurance benefits. If you have an inflation rider, your benefits increase every year, but the full benefit you applied for is available when the insurance company approves your policy.

If something happened and you needed long-term health care a week after paying for your policy, you could qualify for benefits and have access to them if necessary. 

You Must Qualify for Benefits

Remember, you must qualify for benefits and satisfy the elimination period. The elimination period is the number of days once you are eligible for benefits that you would be responsible for paying through your income and assets or your health insurance or Medicare. Most people have a 90 day elimination period as Medicare and supplements pay for a maximum of 100 days of skilled services. 

Pre-Existing Conditions 

There usually is no pre-existing condition language in any tax-qualified Long-Term Care Insurance policy. What this means is once an insurance company approves you for coverage, they will cover you when you qualify for benefits, even if it was a health issue you had prior to coverage. 

Long-Term Care Insurance is medically underwritten, so the insurance company will investigate your health, obtain medical records, and complete a telephone interview before approving your coverage. 

While you don't want to use your coverage right away, your benefits are available from day one!

Use Your Benefits When You Need Them

Don't delay in using your Long-Term Care Insurance benefits. If you think you qualify for benefits - use them and get the help. Check with your agent or seek professional help with processing your Long-Term Care Insurance claim.

Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care. If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help.

LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work, free with no obligation. 

You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News

 

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