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

If you want to purchase a Long Term Care Insurance policy, consider each of the following subjects. While you could just focus on the seemingly most important subjects such as price, when coverage starts and where coverage occurs, you may end up being unpleasantly surprised if you ever try to submit a claim. The need for long term care can go on for years and can be very expensive. It is preferable to take the time to look for a policy that really fits your needs.

Look at:

• The insurance company's financial status and claims reputation/service  
• Amount of the coverage  
• Amount of the premium  
• Payment options 
• Whether the policy is tax qualified  
• The range of services which are covered
• Where services can be provided  
• Length of time benefits are rayable  
• Waiver of premiums  
• The trigger for qualifiying for a benefit  
• The waiting (elimination) period 
• Renewability provisions 
• Inflation adjustments  
• Guaranteed-purchase Option  
• Notice of Late Payment  
• Non-forfeiture Benefits 
• For married couples and domestic partners: Shared Costs, Survivorship Benefits

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