Answer these Questions Before Buying Long Term Care Insurance

LongTermCare.gov defines long term care insurance as follows:

“Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.”

At some point, particularly as you age, you may consider purchasing this type of policy. It is not a decision everybody makes, but it is one that deserves your attention at some point.

With a long term care insurance policy in place, you can receive reimbursement for assistance with daily activities, ranging form eating to dressing among others. For many, this is just what they need in order to stay in their home, as opposed to moving to a nursing facility.

Answer the following questions before you purchase a long term care insurance policy:
1. What dictates the cost of the policy? This is based on many factors, including your age, the maximum daily allowance, and any optional benefits you choose.

To protect against overpaying, request quotes from several providers.

2. What is and is not covered? You need to have a clear understanding of what is and is not covered by your policy. You don’t want to purchase coverage, thinking you are getting exactly what you want, just to find that this is not the case when it comes time to make a claim.

3. Does everybody qualify for long term care insurance? Unfortunately, some people will not qualify. For example, those who are in poor health or already receiving long term care may not qualify to purchase a policy.

These are the types of questions you want to address before buying long term care insurance. The answers will help you better understand what and when to buy.