Long Term Care Insurance

Long-term care refers to a lot of services outside medical care and tending care used by people who have disabilities or persistent sickness. Long-term care insurance lends a hand you pay for these services, which can be very luxurious. A policy also makes sure that you can make your own selection about what long-term care services you obtain and where you receive them.

When is the right time to buy a policy?

Many people don't reflect with reference to long-term care until they obtain into their 70s and 80s and their health start on to fail. At these ages, you may be too high a risk for an insurer to cover you; or if you do meet the criteria, the premiums can be exorbitant. In fact, some long-term care strategy has limits on age and health status. The best time to buy long-term care insurance may be middle-age. It's the time when you have the highest likelihood of being eligible for a policy and, just as important, when premiums costs might be lower.

Key Issues to Review:

Coverage
Daily or Monthly Benefit
Benefit Period
Elimination or Waiting Period
Inflation Protection
Non-Forfeiture Benefit

Important Features to Consider

Clearly explains when you will be eligible for coverage and how your eligibility will be determined.
Does not require that you spend time in a hospital before receiving benefits.
Will be renewed as long as you pay the premiums.
Lets you stop paying premiums once you begin receiving benefits.
Has one deductible for the life of the policy.
Automatically covers pre-existing conditions if you disclosed them when you applied.
Offers choices for inflation protection including an automatic increase in your benefit on an annual basis or a guaranteed right to increase your benefit.
Allows you to downgrade your coverage if you cannot afford the premiums.
Includes coverage for dementia.
Provides at least one year of nursing care and home health care coverage.
Allows the right to cancel the policy for any reason with 30 days of purchase and receive a refund.