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.
Related Topics:
|
