| There can be variations between different | | | | guaranteed the right at any time to raise |
| long-term care or LTC insurance policies. Due | | | | your coverage limits (which option you choose |
| to this fact, you'll want to look for certain | | | | will affect your premiums). |
| specific features and benefits in your | | | | |
| policy. | | | | There are LTC insurance policies that will |
| | | | permit you the option of downgrading your |
| If it's at all possible financially (in terms | | | | total protection benefits if the premiums |
| of the premiums) and in terms of your | | | | become too steep for you to pay for them. |
| eligibility at the time of policy | | | | Take a policy that allows you this option. If |
| application, you want to have the following | | | | you don't and you run into premium paying |
| benefits and features in your long-term care | | | | trouble down the line, you'll lose all of |
| insurance policy. | | | | your coverage. |
| | | | |
| Your policy should spell out very | | | | Dementia and Alzheimer's disease should be |
| specifically when you will receive payouts, | | | | covered by your LTC policy. If you ever need |
| how much the payouts will be, and for how | | | | prescription drugs to treat these cognitive |
| long they will last. | | | | disorders your health insurance will pay for |
| | | | them, but these two diseases are leading |
| Keep your elimination period as short as you | | | | causes of needing to enter a nursing home on |
| can afford. Also, don't take a policy that | | | | a long-term basis and you'll need the |
| stipulates you need to first stay in a | | | | long-term care insurance for that. |
| hospital and be covered by your health | | | | |
| insurance before you become eligible to | | | | Don't get an LTC policy that covers less than |
| receive the LTC payouts; likewise, don't take | | | | at least one year's stay in a nursing home or |
| a policy that would re-impose a new | | | | one year's worth of custodial home-based |
| elimination period on you if you came out of | | | | nursing care. |
| the nursing home but then had to go back in | | | | |
| later. | | | | Don't consider any policy that won't allow |
| | | | you the guaranteed, no-questions-asked right |
| Pay for a Non-Forfeiture Benefit if you can | | | | to cancel the policy for a 100% refund within |
| at all afford it. | | | | 30 days after purchase. |
| | | | |
| Some LTC policies will cover pre-existing | | | | Of course, you'll want to talk to several |
| conditions if they are not at the time of | | | | different providers and get different premium |
| application causing an inability to perform | | | | prices on similar policies. Also check a |
| more than one ADL, as long as you disclose | | | | provider's track record of paying out. If a |
| them to the provider at that time. Take one | | | | provider is slow to pay out or squabbles over |
| of these policies if you can afford it. | | | | long-term care payout eligibility on a |
| | | | constant basis, don't do business with them. |
| By all means buy an LTC insurance policy that | | | | |
| includes some form of inflation protection. | | | | Andrew Long writes for a series of websites |
| Sometimes this means an automatic maximum | | | | about Care insurance and health related |
| daily or monthly coverage limit raise on an | | | | issues. |
| annual basis, or it could mean you are | | | | |