52 Weeks to Prosperous Living
Follow us!
  • Home
  • E-book
  • Prosper SBS
  • Products
  • News/Articles
  • Sign Up!
  • Quotes
  • Contact Us
  • ToDo Lists

Evaluating a Long-Term Care Policy

1/8/2013

0 Comments

 
Picture
Here’s a checklist that you can use to evaluate your current policy, or to compare a new policy before you buy:

 
  • What is the daily benefit amount for nursing home care?  Make sure it’s enough to cover the cost of care in your community.  
  • What types of care alternatives are covered?  Look for home health care, home health care aides, adult day care, assisted living facilities and respite care.
  • What is the daily benefit amount for home health care or other alternative types of care?  This should be at least 80% percent of the benefit for nursing home care.
  • Are home care benefits subject to a daily, weekly or monthly maximum benefit?  A policy with a weekly or monthly benefit limit may pay more in benefits that a policy with a daily limit.
  • How is eligibility for benefits determined? Policies typically require you to need assistance in performing activities of daily living (ADLs) such as eating, dressing, bathing, etc. or diagnosis of a cognitive impairment.
  • What is the maximum benefit?  This may be the length of time the policy will pay for care, or it may be expressed as a maximum dollar amount.  Ideally, benefits should last 4 years or more.
  • What is the waiting period before benefits begin? Similar to the deductible on your auto insurance, this is the cost you pay out of pocket.  A longer elimination period can lower your premiums.
  • Does the benefit amount increase with inflation?  An inflation protection benefit is especially important if you purchase a policy before age 65.  Usually there is a substantial added premium for this feature.
  • Are premiums waived while you are receiving nursing home care?  Are premiums waived if you are receiving home health care?
  • Is the plan guaranteed renewable?  This means the company can’t cancel you as long as you pay your premiums.
  • What are the limitations for pre-existing conditions?
  • Does the policy have a return of premium feature?  This means your premiums may be refunded under certain conditions, such as not filing a claim.  Usually there is a substantial added premium for this feature. 


Note: This is a general description of long term care insurance features and benefits.  Specific benefits and limitations are determined by the actual policy language. 


0 Comments



Leave a Reply.

    RSS Feed

    E-mail Questions to [email protected]

    Marc & Ed

    We are a couple of insurance agents that want to help people.

    Crazy... we know!!! 
    Insurance Agents that actually want to help.  Sounds like a joke, right?  :-) 

    We noticed that most people we came in contact with do not have their finances in order and know nothing about insurance or what is out there.  We want to educate you and help you.  Please help us... help you.  If we don't hear from you... we wont know how to help. 

    Marc & Ed

    Categories

    All
    Advisors
    Comments
    Company Highlight
    Contact Us
    Discounts
    Food Storage
    Funny
    Health Insurance
    Homeowners Insurance
    HSA's
    Ira Taxes
    I U L
    Life Insurance
    Misc.
    Newsletter Article
    Organization
    Passwords
    Personal Budget
    Property And Casualty Insurance
    Protection
    Risk
    Saving
    Tax Free Retirement
    Todo Lists
    Utah High Winds
    Week 1
    Week 10
    Week 11
    Week 12
    Week 13
    Week 14
    Week 15
    Week 16
    Week 17
    Week 18
    Week 19
    Week 2
    Week 20
    Week 21
    Week 22
    Week 23
    Week 25
    Week 29
    Week 3
    Week 4
    Week 6
    Week 7
    Week 8
    Week 9
    What Age Can I Retire

Powered by Create your own unique website with customizable templates.
Photos used under Creative Commons from Saad Faruque, Ran Yaniv Hartstein, Gregory Moine, NathanF, Fairy Heart ♥, bibliojojo, mikepetrucci, _e.t, markhillary, eliazar, nitram242, qf8, fallingwater123, Gastev, Christoph Lorenz Photography, B Rosen, || UggBoy♥UggGirl || PHOTO || WORLD || TRAVEL ||, Son of Groucho, Images_of_Money, sidibousaid60, GYLo, Michal Osmenda, misteraitch, Materials Aart, The U.S. Army, skippyjon, C. G. P. Grey, Mike Licht, NotionsCapital.com, State Farm, Don Hankins, InterContinental Hong Kong, bonnie-brown, 401(K) 2012, Beyond Elements, weeklydig, DonkeyHotey, Alex E. Proimos, NRMA New Cars, Fabio Bruna, mullica, hoyasmeg, kthypryn, Big Blue Ocean, SpaceShoe [Learning to live with the crisis], Mike Licht, NotionsCapital.com, peteSwede, j.reed, wodejia_g, neurmadic aesthetic, _Dinkel_, NathanF, Franco Folini, jjankechu, Davide Vosti, StewC, eric731, fsgm, Martin Pettitt, Jo Naylor, EvelynGiggles, Images_of_Money, out of ideas, Images_of_Money, louis konstantinou, OakleyOriginals