Long-term care insurance policies typically provide a total fixed amount of coverage, such as $100,000 or three years of in-home assistance for a particular health event or defining diagnosis. In some cases, you might not use the full amount of the coverage that is supplied by your policy. If you recover from the health event, such as a fall that caused you to break your hip, you might have $75,000 and two and a half years left on your policy. With the restoration of benefits, the full value of the policy is restored after your recovery.
How Long-term Care Health Insurance Benefits Are Paid
Long-term care benefits are paid out on a per diem basis. If you fell and fractured your hip and could not independently function in your home for six months while you recovered and received physical therapy, the insurance policy pays for the in-home nurse, medical supplies, physical therapy, and medical services required for the restoration of your health. Upon completion of your recovery, you would have less coverage available for another health event.
What Restoration of Benefits Means for Long-term Care Medical Insurance
Restoration of benefits reinstates the full or original amount of your insurance policy. If you had a new event, such as a fall down the stairs that fractured your femur, you would again have three years and $100,000 in benefits available to pay for your in-home services necessary for your activities of daily living. The restoration of benefits could provide you and your family with peace of mind that one or two events would not deplete the entirety of your long-term care insurance coverage.
Understanding Your Long-term Care Insurance Policy
If you do not already have a long-term care insurance policy, an insurance agency in Jacksonville, Florida, is ready to help you. An insurance agent at a reputable insurance agency can explain in detail the restoration of benefits in a long-term care insurance policy. The insurance agent can clarify which medical events qualify for restoration of health benefits. Speaking with an experienced agent can also help you to understand all of the features of the policy that you already have.
For any Insurance questions, please feel free to contact us at the Della Porta Group.