FEATURES AND BENEFITS YOU SHOULD LOOK FOR IN A LONG TERM CARE INSURANCE POLICY

Many features and characteristics need to be addressed in designing a Long Term Care insurance program. Some of the essential benefits you should look for and must be certain to understand include:

• Affordability -- An LTC program should not cause you financial hardship.
  
• Eligible benefits -- LTC programs may cover nursing home care only, or a combination of nursing home care and/or home health care. An appropriate range of services and daily benefits should be available -- from skilled nursing care to intermediate nursing care to custodial care (adult day care).
  
• A variety of elimination and benefit periods to choose from -- Elimination periods are periods where no benefits are payable. Whether or not you select one is purely a function of your personal preference and situation.
  
• Activities of daily living (ADL) triggers -- An LTC program should clearly specify how many activities of daily living, if any, need to be evident to trigger benefits.
  
• Availability from various ages (e.g., from 45 to 84)
  
• Guarantee of premiums and renewability
  
• Inflation protection and premium waivers -- What happens when the cost of nursing home care rises over time? Inflation protection (through a rider) can help offset any increases.

• Basic Long Term Care Terminology
  
• Sample Long Term Care Insurance Policy Pricing
  
• Reinstatement for Cognitive Impairment
  
• Medicare Supplement ("Medigap") Insurance