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What To Look For When Purchasing A Long Term Care Insurance Policy

Length Of Time Benefits Are Payable

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Ideally, benefits would be payable for life. However, that length of coverage can be very expensive. As a general matter, insurance experts suggest that benefits for the general population should be payable for at least the national average of 2.5 years. 

For the general population, according to an industry study in 2010, the risk of running out of benefits on a three-year policy is small, particularly for men. Men with a three year policy who begin a long term care claim at age 82 (the typical age) have a 12.4% likelihood of exhausting their benefits, while women face almost twice the risk (23.5%).

We have not found any evidence based advice relating to people with a history of a major medical condition. It seems reasonable that a policy should cover a period of time at least equal to the average amount of time Long Term Care is required for your condition. Your national or local disease specific non-profit organization can provide this information.

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