Long Term Care Insurance
|Date Added: July 13, 2011 09:25:16 AM|
More and more people need long term care as not everyone is able to afford the cost of the nursing homes. Statistics show that over 50% of Americans would need wil need long term insurance cover. There are a few things that you need to keep in mind before applying for a long term insurance policy:
Variable Coverage. Always make sure that the long term care insurance policy you are buying includes coverage for home health aids, assisted living facilities, adult day care providers and nursing homes . This will insure that you have the best choice of care.
Inflation protection. Make sure that you get a long term care insurance policy including inflation protection. The cost of these nursing homes is rising and will be considerably more in 15 to 30 years time.
A minimum of 70% Daily Benefit. Don’t choose the cheapest daily amount. Have knowledge of the average cost of nursing homes in the area of your choice and look for around 70% of that as the daily amount. Make sure that you adjust this annually to account for changes per year.
Independent Care Management. Once the insurance company sends a representative to determine the benefits you need it is essential that you ask for your long term care insurance policy enabling you the option of having a licensed health care provider that is independent and not someone working for the long term care insurance company.
I hope all the practical advice and things to look out for when purchasing long term care insurance were addressed and u have the best ever possible policy.