Insurance for long-term health care: You’ll do yourself a world of good by purchasing a policy.
1. There should be a renewal guarantee. You won’t get denied if your renewal is approved.
2. It is wise to choose a policy that has a non forfeiture benefit. If your policy is cancelled or expires accidentally, you will receive a significant portion of the benefit.
3. Is there any protection against inflation and rising costs of long-term care services? What are the rates and terms? A feature called inflation adjustment, for example, ensures that the benefits you receive in the future will be based on the costs of long-term health care.
4. Be sure to understand their terms of payment. You should know the benefits that are offered for various conditions. If you have to spend the last days of your life in a nursing home, you should know what they will pay each day. Know the cost of assisted living in your home. Does there exist a maximum lifespan? Do you know the maximum life expectancy? You will need this part if you continue to receive care.
5. Verify the license of any insurance company that you consider. Verify their reputation and legitimacy. Standard & Poor’s Insurance Rating Services (S&P), BBB, and other organizations can be of great help.
It is important to consider this when purchasing long-term care coverage, as many claimants do not have the physical or mental capacity to assert their rights. You don’t want your family to be burdened by an insurance company that may not fulfill its obligations.
You can save money if you only have 15-30 minutes. Compare insurance quotes and get them.
Price differences between quotes can range from a few hundred to a thousand dollars.