If there is a recurring condition that runs in your family, such as Alzheimer’s or diabetes, long term care insurance may be a worthwhile investment to make. Imagine having to spend less or sometimes none at all for a stay at a nursing facility or being able to afford the costs home health aides that would take care of you when you are no longer able to take care of yourself. On an average, a year’s stay in a nursing home can cost $67,000 which is expected to further rise. In making long term care comparisons, it’s important to give your undivided attention to the following:
Inclusions and Exclusions in the LTCI policy – One of the things that you need to remember when investing in LTCI policies is the plan’s coverage, the services or costs that the policy can cover or not. Does the coverage include full payment when you stay in a nursing home or does it cover partial? Does the policy include costs for a home health aide or would this exclude coverage if you would just need assistance in walking and getting around. Remember that if the policy offers limited coverage and you were not aware of this, it might prevent you from getting the LTC needs that you will have in the future.
Premiums and rates – In going over long term care comparisons, you would also have to keep a watchful eye when it comes to premiums and rates of the insurance policy. If you are not careful you might be paying more than what your budget would allow. You have to manage these expenses because you might end up paying a policy that you can’t afford. Do you know that if you start early on your LTCI policy, you can get lower premiums? If you start with your long term policy and you are already in your 60’s, expect higher premiums for your LTC plan.
Insurance providers – Most people would sign up with a major insurance company. They feel that a big insurance company is financially stable as it has years of experience and a large clientele to back up its products and services. Yet, as much as we prepare for the future, things in our life that can go wrong will go wrong. This may also happen to insurance companies and go under. And if you are not careful, you might find yourself without any coverage. To prevent this from happening, thoroughly review each insurance provider when you check for quotes. Sign up with some that you fully know and completely trust in these serious matters.
If you are just starting to invest for future long term care, you have to give this your full attention. When you make long term care comparisons, you have to check every detail, from the plan’s coverage, its premiums and even the companies you would sign up with for this insurance. If you are careful, you can be assured of a better future where your LTC needs are met.