When you’re considering long-term care insurance,
it’s important research the insurance landscape so
that you can get a broad understanding of what’s
covered and what’s not, even before you speak with
an agent.
If you’re overwhelmed at the thought of long term
care insurance, you’re not alone. There are a number
of questions and outcomes you need to consider, and
it’s well acknowledged that it takes a fair amount
of research to make confident
Long Term Care
insurance decisions.
Fortunately, there a number of free resources
available online that aim to assist you and your
loved ones make well-informed decisions about long
term care. For example, providers like
Genworth.com
provide access to recent Long Term Care studies and
statistics, along with tools like insurance
calculators and a Cost of Care Map, which provides a
state-by-state rundown of long-term care costs.
Once you have sense of what you need to know about
long term care insurance, then work with an agent
who can give you a breakdown of not just one policy,
but a cross-section, and can guide you through
various policies and options. In addition,
every state has an insurance regulatory department
to aid consumers and it behooves you to take
advantage of those services.
Here are the key points that your policy
should include:
- One year of care coverage at minimum
(nursing home or home health care should not be
limited to skilled care – give yourself options)
- This should also include intermediate and custodial care
- Coverage for Alzheimer's disease (if developed after purchase of plan)
- Consider this startling statistic from the Alzheimer’s Association: about 5.4 million Americans have Alzheimer’s disease; this translates to one in every eight Americans age 65+, and nearly half of Americans aged 85+. This is an important clause in any policy.
- An inflation protection option to either:
- Automatically increase the initial benefit level on an annual basis
- Guarantee the right to increase benefit levels periodically without providing evidence of insurability
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