| Long-term care insurance is not a necessity for | | | | four-years. Based on data compiled by the |
| everyone. Certain financial analysts contend that | | | | Centers for Disease Control and Prevention, fours |
| nursing-home care encumbers taxpayer-funded | | | | year is more than ample coverage because the |
| medical care. Others are under the misconception | | | | average nursing home stay is two and a half |
| that insurance will cover nursing home care and | | | | years. |
| prevent loved ones from losing their assets. | | | | Review whether the policy covers prescriptions |
| The decision to buy a long-term insurance policy | | | | and other services. Many long-term plans include |
| requires much contemplation and an understanding | | | | daily benefit care, only. |
| of what is being purchased. Generally, long term | | | | Study the terms of the "elimination period." Quite |
| insurance is ideal for individuals, who are over 60 | | | | often, long term insurance policies come with a |
| years of age or younger when diagnosed with a | | | | deductible referred to as an elimination period. The |
| chronic medical condition and: | | | | span represents how long the patient must pay |
| - Have a minimum net worth of $200 K | | | | for care out-of-pocket. Avoid policies with 90-day |
| - Own less than $1 million in assets | | | | elimination periods and shop for 30-dayers. |
| - Can afford the monthly premiums | | | | Consider long term insurance plans with an inflation |
| - Do not have any living relatives willing to be | | | | guard. These policies increase benefits by five |
| caregivers | | | | percent based on the annually accrued principal |
| Investigate Long-Term Insurers | | | | and interest. |
| Information released by Consumer Reports | | | | Shop for flexibility. |
| shows that various long-term care providers have | | | | Aside from comparing cost savings, shop for |
| questionable assets. Therefore, it's a good idea to | | | | flexibility. It maybe decades, if ever - before an |
| investigate a life insurance company's financial | | | | insurance subscriber makes a claim. Shop for |
| stability. A volatile downturn could result in | | | | policies with minimal restrictions on new systems |
| substantial premium increases or even a loss of | | | | of care.?(For instance, Assisted Living is a |
| insurance premium investments. | | | | new-fangled care that was not covered a century |
| Peruse Policy Details | | | | ago). |
| Consider policies with a benefit's plan of | | | | |