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MedAmerica Long Term Care
Insurance Company Review


The MedAmerica Long Term Care Insurance Company is a subsidiary of the Lifetime Healthcare Companies. The Lifetime Healthcare Company is a not for profit health insurance company. Their headquarters are located in Rochester, New York and they are known for their superior service, strong financial position and great quality products. If you are shopping for affordable and suitable long term care insurance, there are some facts you need to know.


What Is Long Term Care Insurance?


Long term care insurance is a very important but not well known insurance. Long term care insurance is a coverage that will take care of you if you are ever in the position of needing long term care whether it is in your home or in a facility. While many people are under the assumption that Medicare will cover them if they are ever in need of long term care, sadly that assumption is wrong. Medicare actually offers very little coverage when it comes to long term care.


What Exactly Does Medicare Cover
When It Comes To Long Term Care?


Medicare will only completely cover your medical expenses for the first 20 days of long term care. For the following 80 days of care, Medicare will cover half of your long term care expenses. Not only does Medicare offer an extremely low level of coverage, this coverage will only apply if you have been hospitalized for at least 3 days prior to the start of your long term medical care. Of course, all this is assuming that you qualify for Medicare to begin with.


Another problem with this scenario is that about 15% of those who need long term care will require almost 3 years of care. That can come in at a financially crushing $4,500 a month or an astonishing $162,000 for three years! After hearing those numbers Medicare’s coverage doesn’t seem so great, does it?


Who Should Get A Long
Term Care Insurance Policy?


Everyone should consider getting a long term care insurance policy unless you are confident you have the financial means to cover all those expenses on your own. For the rest of us, this form of insurance is a good idea for many reasons. In today’s world people are living much longer lives, which is both wonderful and costly. Living a longer life means you have a higher chance of living with a chronic illness that will require long term care. You are also at higher risk of needing long term care if you have parents or grandparents who have lived long lives or have needed long term care at some point in their lives.


I’m Only In My 30's; Do I Need To Think
About Long Term Care Insurance?


Absolutely you should! Long term care is not just for seniors. It can also cover you in case of a disability that will require on-going assistance even for a couple of months. Not only that, but purchasing a long term care insurance policy early on will be less expensive than if you were to wait until later in life. One more great thing about purchasing your long term care insurance policy now is the fact that competition between insurance companies is very high right now and that means good news for you. This competition means that policies are cheaper and that will make your premiums lower.


I Don’t Understand The Lingo In The
Long Term Care Policy, Who Do I Turn To?


Understanding the lingo of a legal document, which is what an insurance policy is, can be difficult. The first person you should turn to with questions is your insurance agent. If you still have questions you can consult your attorney or even your family doctor to help answer any questions you have. You should also consider talking over the coverage that is being offered in the long term care policy you have chosen with your spouse, family and friends to get outside opinions.


I Purchased a Long Term Care Policy But
Now I Have Changed My Mind, What Do I Do?

Long term care insurance policies have a clause in them called a “Free Look Clause”. This clause is there to protect you in this very situation. The free look clause is a clause that allows you to return the long term care insurance policy you have purchased within a certain amount of days for a full return. This return is a no questions asked return policy so if you change your mind, decide you need more coverage or find something wrong with the policy you are free to take it back within the stated amount of days. Speak with your insurance agent before you purchase your long term insurance policy for clarification on how many days you have to return your policy.


I’m Married, Is There a Policy That Will
Cover Both My Spouse And Myself?


There are long term care insurance policies that will cover both you and your spouse. Purchasing a long term care insurance policy for a married couple is actually much cheaper than purchasing two individual policies. It also means that both of you will be covered in the event one or both of you needs long term care down the road you. MedAmerica Long Term Care Insurance Company can help you choose the policy that is right for you.


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