Long-term care policy insurance
What are the tradeoffs to consider in selecting a long-term care policy insurance?
Expert
The points that need to be considered while choosing a long-term care policy are
• Age of the individual: Individuals must consider coverage at the earliest possible age. The general requirement is between the ages of 40 and 80. When the individual is younger, the options are many and the premiums are lower.
• Amount of coverage needed: This can be just to cover going to a hospital and can be extended to adult day care or home based health care and the premium will change accordingly.
• Daily or monthly coverage preferred: When an individual needs higher coverage, the premium will be higher.
• Benefit period: This is generally 2-6 years, but there are also lifetime benefit period and the premium will change accordingly.
• Inflation protection feature: This is offered by only a few companies but is very useful
• Non-Forfeiture Benefit: This helps in receiving benefit even after the premium payments are stopped.
• Insurance company: the reputation, services to clients and experience help in determining the right insurance company.
• Elimination period: the length of the period when the expenses had to be made by the individual himself before the insurance company takes charge. The payoff of the company will not be effective until a certain period, say 0, 60 or 90 days.
It is necessary to ensure that the policy covers all types of care, irrespective of the service being provided at home, nursing facility or home. The disability tradeoffs to consider includes the:
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