How to Decide What Features to Buy in a Long Term Care Policy

1. your chances of going to a nursing home;
2. coverage provided by long-term care insurance; and
3. the cost of long-term care insurance to you.

Examine the coverage you presently have through Medicare, and any other insurance you may be carrying.  If you think it is too limited, then you might want to purchase long-term care insurance.  When comparing policies, consider:

1. the levels of nursing care provided;
2. duration of coverage for each level of care;
3. the amount paid per day for each level of care;
4. the length of the elimination period;
5. home health benefits covered;
6. when benefits begin;
7. policy exclusions and limitations;
8. the cost of the policy; and
9. services provided by the insurance agent.

If you decide to purchase a long-term care insurance policy, choose one that offers the benefits you want with a price that fits your budget.  Remember, long-term care insurance is not Medicare supplement insurance, but is designed to cover levels of nursing home care and home health care beyond the limited scope of benefits provided by Medicare.

Long Term Care Insurance Checklist

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