Washington Long Term Care Insurance (QUOTES, COST & COVERAGE)

Washington Long-Term Care Policy Types

There are several kinds of Washington long-term care insurance policies available. Most are referred to as expense incurred or indemnity policies. An indemnity policy or ‘per diem’ policy pays up to a fixed benefit amount. It does not matter what you spend. In an expense-incurred plan, you select the benefit total as you purchase the policy, and you are reimbursed for the expenses for LTC services. You are afforded a specified dollar amount per month, week or day.

Many insurance companies also sell integrated policies. These are also referred to as insurance plans with pooled benefits. This kind of policy offers a sum dollar amount that can be used for various types of LTC services. There is often a monthly, weekly or daily limit for the covered expenses in the Washington long-term care insurance policy.

It is worth noting that there are not WA long-term care insurance policies that guarantee full coverage of all expenses. Typically, you will have a choice of daily benefit sums ranging from $50 to over $300 a day for formal care coverage. The daily benefit for informal care will often be less than the benefit for formal care. It is crucial to note that you are liable for your actual home care or nursing home costs that go beyond the daily benefit sum you bought.

Since the per-day benefits you purchase today probably will be insufficient to cover increased costs years from now, the majority of long-term care insurance policies provide adjustments for inflation. For instance, in many plans, the initial benefit amount will increase automatically every year at a specific rate compounded over the policy’s life.

What Does Washington Long-Term Care Insurance Cover?

LTC services are offered when an individual is unable to complete specific activities of daily living (ADL). It is also the case when they are cognitively impaired due to Alzheimer’s disease or senile dementia. The most common ADLs that determine service needs are bathing, dressing, toileting, transferring (getting from a seat to the bed), eating and continence.

WA long-term care insurance policies cover custodial, intermediate and skilled care in nursing homes that have been licensed by the state. The plans often also include home care such as non-skilled or skilled nursing care, home health assistance and physical therapy. Most policies also include assisted living, alternate care, adult daycare and respite care.

Following is a list of some of the most common coverages available:

Nursing Home: A facility that provides skilled health care, rehab, personal care and daily activities around the clock.

Assisted Living: An apartment style residence that makes personal care and other helpful services available when needed.

Adult Day Care: An outside the home service that provides health, social and support services in a supervised setting.

Home Care: An agency or person who comes to the home who performs services likes bathing and helps with chores.

Home Modification: Handicap ramps, grab bars, easier to enter baths to make your home more accessible.

Care Coordination: Services provided by a licensed professional who helps with determining needs, locating services and arranging for care.

What Washington Long-Term Care Insurance Doesn’t Cover

Long-Term Care insurance typically does not cover illness, treatment or medical condition arising out of:

• Participation in a felony, riot or insurrection
• Attempted suicide, while sane or insane
• Injuries intentionally inflicted on self
• Treatment or care for alcoholism or any drug addiction
• Care or treatment provided in a government facility unless otherwise required by law.
• Care you receive while in a hospital, except in a unit specifically designated as a nursing home or hospice facility.
• Any service to the extent the expense for it is reimbursable under Medicare or would be so reimbursable except for the application of a deductible, coinsurance or co-payment amount.
• Services or supplies for which you are not obligated to pay in the absence of insurance.
• Services provided by any person who normally lived in your home at the time you became eligible for benefits.

How Much Does Washington Long-Term Care Insurance Cost?

How much does Washington long-term care insurance cost? The premiums vary depending on the company and their underwriting rules, and it depends on the coverages and deductible selected.

Before buying a WA LTC insurance policy, remember that all insurance plans are considered legal contracts. Ensure that you read and review the plans under consideration before purchasing. You should understand all the provisions before making a decision. It is advisable to discuss the policies with individual who can offer a professional opinion such as a financial advisor or your physician.

WA LTC Insurance Quotes

Request a Washington Long-Term Care Insurance quote in Auburn, Bainbridge Island, Bellevue, Bellingham, Bothell, Bremerton, Burien, Camas, Des Moines, Edmonds, Everett, Federal Way, Issaquah, Kenmore, Kennewick, Kent, Kirkland, Lacey, Lake Stevens, Lakewood, Longview, Lynnwood, Maple Valley, Marysville, Mercer Island, Moses Lake, Mount Vernon, Mountlake Terrace, Mukilteo, Oak Harbor, Olympia, Pasco, Port Angeles, Pullman, Puyallup, Redmond, Renton, Richland, Sammamish, SeaTac, Seattle, Shoreline, Spokane Valley, Spokane, Tacoma, Tukwila, University Place, Vancouver, Walla Walla, Wenatchee, Yakima and all other cities in WA.

Washington Insurance Rules & Regulations

In Washington State, there are certain types of insurance that you should be aware of. We will be covering the limits and regulations of insurance within the state. You should be aware of these because if you operate a business, there may be certain types of insurance that you are required to carry. In addition, even if you do not have a business, there may be certain types of insurance regulations that you should familiarize yourself with. We will be taking a close look at insurance regulations for both personal and commercial here.

WA Commercial Insurance

For business liability insurance, what you should be aware of is that Washington does not require businesses to carry business liability insurance in order to operate. Washington is a pure comparative fault state which means that an insurance adjuster must first assess fault and name the adjuster or a court will reduce the award proportionate to the fault of the plaintiff. Businesses may carry business liability insurance in order to protect themselves against these types of claims.

However, Washington does require anyone who employs at least one person full-time or part-time to carry Worker's Compensation insurance to protect them if they are injured on the job. Washington does not require any type of disability insurance for businesses nor do they require commercial vehicles to carry commercial auto insurance.

Washington Personal Insurance

There are two types of personal insurance that you should be aware of. The first is auto insurance requirements. In Washington State, you are required to carry 25 000 USD per person and 50 000 USD per accident in bodily injury coverage. You are also required to carry 10 000 USD in property damage as well as uninsured/underinsured bodily coverage of 25 000 per person and 50 000 USD per accident.

There are two life insurance regulations to be aware of in Washington State. First, be aware that there is no free look period like there is in most states. If you sign up for life insurance, you are not able to cancel within 10 days in order to get a refund on your policy premium. However, there is a law that requires timely payment on insurance claims in the state of Washington. In fact, the state requires that the beneficiaries account start accruing interest on the day of death. That means that insurance companies will have to pay more for each day that they fail to pay the benefit. There is also a misrepresentation law when it comes to life insurance in Washington.