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Congrats. You purchased a long term care insurance policy years ago…..but when was the last time you revisited it?

A periodic check-up of your LTC insurance policy is always a good idea, whether it’s a traditional policy or a hybrid plan with a death benefit included. The policy should meet both your short-term and long-term goals. If you can reach your agent, you should check in with him or her to answer your questions. Otherwise, call the insurance company’s Customer Service Department for clarification about the “nuts and bolts” or specific mechanics of the plan.

The Goals of a periodic LTC Policy Review:

  • Ensure that coverage fits into your total estate plan and still meets your needs;
  • Refresh your memory; make sure that you understand the LTC contract and the protection it offers;
  • Evaluate the current benefit amounts, especially with respect to inflation protection;
  • Are there opportunities to upgrade the policy? Some policies may carry a provision to upgrade (step-up) the benefits of the contract without underwriting;
  • Review ways to qualify for benefits under the policy;
  • Understand the Elimination Period (waiting period before benefits begin, similar to a deductible).
  • Re-visit the claim-filing procedures. 

Just like reviewing your estate plan periodically makes good sense, revisiting your long term care insurance policy is also part of a smart planning process.