When comparing long-term care insurance policies, you should first do some research to find out how much long-term care costs in your area. Can you get the type of care you will need locally, or will you need to go to a larger area or city? Once you know what the costs are, consider the following questions as you compare policies.
- What services are covered? (Nursing home, home health care, respite care, etc.)
- How much does the policy pay per day for each type of services offered?
- How long will the benefits last if you are in a nursing home? Assisted living facility?
- Does the policy have a maximum lifetime benefit? If so, how much?
- How long must you wait for preexisting conditions to be covered?
- How many days must you be in a nursing home before coverage begins?
- What organic mental and nervous disorders are covered?
- Is the policy guaranteed renewable?
- Is there a waiver of premium provision?
10. How long must you be receiving long-term care benefits before premiums are waived?
11. Is there a non-forfeiture benefit?
12. Is there an inflation adjustment?
13. What does the policy cost?
14. Is there a 30-day return policy?
15. Does the policy require an assessment of activities of daily living?
16. Does the policy require an assessment of cognitive impairment?
17. Does the policy require a Physician certification of need?
18. A prior hospital stay for nursing home care or home health care?
19. Is Alzheimer’s disease covered?
20. What is the age range for enrollment?
