Long-Term Care Insurance: Policy Terms and Benefit Payments

Long-term care insurance is a very important policy for anyone who has a reasonable investment and wants to protect it from the ravages of long-term care. However, you could get a long-term care policy that might not be the best for you. Therefore, it is worth considering certain things before paying…

1) Make sure the terms of this policy are right for you. Each insurer seems to have its quirks when it comes to long-term care insurance features and policies. Policies will differ in the types of services they support.

You’ll find that some insurers may simply focus on personal care services, while others may be interested in nursing home care. You may still find that some will provide a mix of these and probably more services. The reason I’ve highlighted this fact is because you need to make sure you have a policy that will give you adequate coverage.

2) You also do well to know the payment terms of your benefits. It is very important that you find out what they pay per day in different situations. If you have to stay in a nursing home, how much do you get paid per day? How much would they pay if it was assisted living instead? Do you have maximum lifetime limits? If so, what are they? The importance of understanding this cannot be stressed enough because what you have there is all you can get.

3) You could save a few hundred or even a thousand dollars on long-term care insurance simply by getting and comparing quotes from at least three quoting sites. you’ll get savings if you visit just one of those sites. But keep this in mind; you will get better results by visiting at least three. I recommend that you visit no less than three quote sites, as that will ensure that you don’t miss out on better long-term care insurance quotes that aren’t featured on the other sites. This increases your chances of paying cheaper long-term care insurance rates.