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Transferring Long Term Care Insurance When You Move

By Compuquotes Team on September 16th, 2008

Long Term Care

Long term care insurance is meant to take care of you or your loved one when in a long term care facility. This means that you will probably use yours towards the end of your life, unless you have an injury or illness that makes it necessary to be in a long term care facility before you are older. Therefore, the long term care insurance is usually used for one location - such as a nursing home or a rehabilitation center. However, sometimes a person moves from center to center, and it is important to know how to transfer your long term care insurance when you move.

First of all, each long term care insurance policy should be purchased with a type of center in mind - but not with the actual center in mind. This is because many people don't buy their long term care insurance when they need it - they buy it years beforehand so that they have it when they do need it. Therefore, right off the bat long term care insurance is going to be transferable, because it isn't purchased for only one area. When the time comes to use your long term care insurance policy, you will simply make sure that the facility you are looking at is one that will accept the long term care insurance. As long as it will accept it and as long as the long term care insurance company will accept the center as the place to use the money, you will be able to cash in your policy and have it work for you.

Therefore, when you decide to move from one care facility to another, or when you are moving your loved one, you simply need to check and be sure that the new facility accepts the long term care insurance. You also need to check to be sure that the long term care insurance company will accept the new care facility as a place to use the insurance. As long as you know these two things are true, you can begin the process of moving yourself, or of moving your loved one.

The first thing that you should do is talk to the long term care insurance company about the possibility that you might be moving locations, and make sure that you know what they would like to you do. There will probably be change of address forms, and the insurance company will need to be sure that they know where to send the money for you or for your loved one. Also ,you want to be sure that the new facility that you move to is not too expensive. Remember that long term care insurance is usually portioned out so that you will have enough for a monthly or yearly fee for as long as you need it. However, you want to be sure that you aren't upping the costs by moving and will therefore run out of money before you are finished needing the money. As long as you are sure that this is not the case, you will be able to continue to use your long term care insurance.

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