Long Term Care Insurance | Before buying long-term care insurance policy, study all the details.

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LONG TERM CARE INSURANCE

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Before buying long-term care insurance policy, study all the details.

Today not so many people think about the necessity of long-term care insurance. But there is a tendency for health care costs to go up dramatically, nowadays people have to distribute their retirement savings over many years, insurers are very strict and they restrict coverage and eligibility. Taking into consideration everything said above, it looks reasonable to consider the idea of getting long-term care insurance seriously.

No doubt, you have to pay attention to the cost as this type of insurance is expensive. A person in his/her 60s with good health is likely to pay about $2500 per year for a policy. This policy will cover home care or nursing home care and the premiums will be adjusted for inflation. Think carefully whether the cost of premiums will not affect your usual lifestyle very much. You have to be able to pay the premiums.

There are main things to consider:

the extent to which you are covered - your long-term care policy may reimburse you for only home care, only nursing home care, or both.

daily or monthly allowance - the sum of money you will be paid by the insurance company for every day or month you are covered. If it doesn't cover all the expenditures, the rest should be paid out of your pocket.

the duration of benefit period - the time when you will get allowance from your policy. It's up to you to choose this period: it can last from two to six years, it can also last the rest of your life.

waiting period - the time (usually from 0 to 100 days)when you will have to pay your long-term care costs yourself. Your premiums will be lower if your waiting period is longer.

inflation - the policy should be bought with inflation protection as the costs for health care are soaring all the time. You may choose one of two major types of inflation protection: the possibility to affix coverage at a later date or automatic coverage growth.

nonforfeiture benefit - the provision in long-term care policy which specifies the benefits that cannot be forfeited even if premiums are not paid.

Shopping around is always worth doing. After getting your policy, examine it carefully to be sure it covers everything you paid for.

Before buying long-term care insurance policy, study all the details.

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