Choosing the right ltc insurance that would perfectly suit you is not as complicated as it seems. This is one of the reasons why people avoid the idea of purchasing one early. In most cases, it’s too late for them to apply for long term care coverage and thus exhausting their savings as well as their assets. In order to avoid this kind of inconvenience you can follow these simple steps on how you can choose the right policy for you:
- Get familiar with long term care policy, find out about the different types of policies such as Indemnity Long Term care Insurance, Reimbursement Long Term Care Insurance and Partnership Long Term Care Insurance. Gathering resources is the most important thing you should do.
- Decide the daily benefit amount you want to receive. Considering your age, current health status, family history and risk factors can help you come up with a decision much easier. Before making a decision, you should research for the cost of senior care facilities first. You should remember that companies can provide $50 to $250 daily. Choose the daily benefit amount that is enough to cover your needs and you can afford.
- Choosing the benefit period is also very important. This is commonly known as the period of time the company will pay for your long term care needs. Keep in mind that the benefit period is very dependent on the amount of assets you are protecting. To give you an idea, policyholders usually choose coverage for a lifetime or between 2 to 5 years.
- Pay attention to situations that would trigger your benefits. Find out first if the policy will require you to get hospitalized first within a certain number of days before you can get coverage for nursing home or home care.
- The policy should be guaranteed renewable. It means that the company has no right to cancel your policy for as long as you have paid your premiums on time. This is one of the important things you should look into when looking for long term care insurance.
- Look for a policy that can waive your premiums once you’ve started to receive your benefits.
- Make sure that your policy has inflation protection. As you grow older your daily benefit amount increases as well. So even if the cost of care becomes more expensive you still get enough coverage from your policy.