Long-term care insurance does not have to be as expensive as you may have thought. There are many options that can be customized to meet your needs and budget. It's a good idea to compare policies from several companies, but this process can be confusing. Covered services can vary among insurers.
Considerations in researching long-term care insurance policies:
- Is it a tax qualified policy?
- What is the appropriate daily or monthly benefit?
- How long will the benefits last?
- Is there built-in inflation protection?
- What is the Elimination Period (similar to a waiting period or a deductible)?
- Is 100% of the benefit available for home care?
- Are there any riders that might be appropriate?
- Is the policy guaranteed to be renewable?
- What conditions must be met to collect benefits?
- What types of facilities are covered?
- Will the policy pay for custodial, or personal, home care or hospice care?
- What happens if your policy lapses after you've paid premiums for many years?
- Will the policy pay expenses outside of your local area?