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5 Things You Must Know Before Buy Long Term Care Insurance
With over 100 companies offering long-term care insurance, one can become overwhelmed choosing the right LTCi policy and the right insurance company that fits your wants and needs.
1) Daily or Monthly Benefit
Look at the average cost of care in your area and choose the benefit to closely match that cost. This is the daily benefit available for facility care. Purchase the highest benefit you can afford because health care inflation costs will erode your daily benefit. Recommendation:
2) Home Health & Community Coverage
Most view a nursing home as your last resort, so be sure you have excellent home and community coverage. This benefit may be the very thing that keeps you out of the nursing home. With some policies this is a rider you can add and with others it is automatically included. Benefits are a percentage of your nursing home benefit, for example, 50%, 80%, or 100%. Recommendation:
3) Elimination Period (deductible)
Most people choose a waiting period of 90 days or less. The longer the waiting period, the lower the premium. With the costs of care tripling over the next twenty years, the difference you might save in premium may not justify having to pay the first three months out-of-pocket. Recommendation:
4) Benefit Period
How long will the policy pay benefits? Benefit periods are available from 1 year to lifetime. Choose at least a three-year benefit, preferably a six-year benefit. The ideal plan is lifetime because you never have to be concerned about outliving your benefits. Recommendation:
5) Inflation Protection
It is important to address inflation protection within your policy. According to the General Accounting Office, long-term care costs are growing at 5.8% annually and are projected to triple in 20 years! Make sure the benefits are as good in the future as they are today. Recommendation:
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