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