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Long Term Care Insurance -- 9 Ways To The Very Best Value

Apr 10, 2008
It's essential that you get a few factors clear while you shop for long term care insurance. You can get it cheap and get inadequate coverage while a person who has the right information buys his/hers at an inexpensive rate also but without compromising the value s/he enjoys.

You'll be safe if you take a number of points into consideration before you pay choose a long term care insurance carrier...

1) Be sure to see that everything you prefer is included in the policy terms. Long term care insurance policies and features vary a lot with different insurers.

Do not presume that every long term care insurance provider will cover similar kinds of services and when they do have similar coverage yardsticks, find out where those likeness stops. Some cover nursing home care, others offer coverage for custodial or personal care in various settings such as assisted living, adult day care, and home health care.

You may also find that some could have a blend of these and probably more services. Be sure to choose a policy that best meets your particular needs.

2) Verify if your selected insurer is licensed by your state to sell long term care insurance. After verifying how legitimate they are also look at their reputation. This is where organizations such as BBB, Standard & Poor's Insurance Rating Services and others are really useful.

This is important because people who wind up requiring long term care won't be in a physical or mental condition to go after an insurance company which won't abide by its policy terms. You don't like yourself or your loved ones to be destabilized because an insurer doesn't want to fulfill its obligation.

3) You will do well also to find out what the terms of their benefit payout are. It's quite recommended that you know the benefits they give per day in diverse settings.

Do you know what they pay, for example, per day in a nursing home? What do they pay out per day for assisted living? Are you aware of their maximum lifetime limits if they have such limits?

Be diligent enough to understand this area very thoroughly bearing in mind that that's what you'll be given if you ever require long term care.

4) Think carefully about the waiting period you settle for. To explain things, a waiting period is the length of time a person must pay for long term care by him/herself before an insurer starts to give them their benefits.

Usually an individual can select any number of days from 1 to 180 days. Selecting a longer waiting period gets you cheaper rates. Nevertheless, care must be taken and see to it that a waiting period you won't be able to cope with isn't selected.

5) Be sure of when the policy considers a policy holder qualified for benefits. What prerequisites make a policy holder entitled to receive benefits?

Is it once they start requiring assistance in daily activities or is it at the onset of a form of cognitive impairment?

6) How are you protected if the cost of long term care doubles by the time you need it? Is there any provision to guarantee you don't bear the brunt? Be aware of the terms where such exists and don't buy from an insurer who does not offer such.

With an inflation adjustment feature, for example, you are guaranteed that the benefits you would get years later will reflect the cost of long term care then.

7) Check if it has a guaranteed renewal. It assures you that you can't be rejected if you choose to renew your policy.

8) It's good to buy a policy that has a non-forfeiture benefit. This guarantees you get paid a good percentage of your benefit if you allow your policy to expire unintentionally or elect to cancel the policy.

9) You can get quotes that will have a range in excess of $2,000. You could quickly save that much by just choosing the lowest long term care insurance quote. Therefore, get and compare quotes from as many different insurers as possible.
About the Author
Get your free quotes this moment from this link (You'll spend just about five minutes): Long Term Care Insurance Alabama Quotes. Chimezirim Odimba has a passion for showing insurance shoppers how to reduce their rates without downgrading the quality of coverage they enjoy.
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