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  • Long Term Care Insurance Reviews and a Smart Check List

    Friday, July 29, 2011

    Reading through long term care insurance reviews is an excellent way to get a sense of what is on the market with regards to this type of insurance, and you can simultaneously familiarize yourself with some of the standard provisions offered when you purchase this care. You might want to also sit down with a financial advisor in an effort to determine if you can afford the policy at all. They are usually thought to be an excellent safety net; however, if you feel like the deductible is too high, or if the premiums would be a huge financial strain, perhaps you would be better off letting Medicaid cover most of your expenses since there is a good chance you will qualify for federal assistance.

    Before getting a policy quote, first check to see what services are covered. Look into whether nursing home care, assisted living facilities, adult daycare and respite care are all covered. At the same time, it might be wise to look into how much the policy pays per day for each of these types of cares. You would not want to have a policy that has the same allocation of money for in-home care as it does for a fully staffed nursing home, which is obviously more expensive.

    The fact that people are living longer lives is closely tied to the fact that they are also more likely to spend a long time in a nursing home. Thankfully, the entire policy can be an insurance deduction, which makes this less financially cumbersome if you are looking into policies for your employees. Make sure you find out how long the benefits will last, however, since you would not want an unpleasant surprise after a few years of living in such a facility.

    You also want to see how long you have to wait before preexisting conditions are covered. Your current health is going to play a role in determining how much the policy costs overall, and you will want to find out if you are even eligible. Plus, you will want to see if Alzheimer’s disease or other nervous disorders are covered if you already know that these run in your family.

    Last, see if the policy requires an assessment of activities of daily living. You might want to see if a physician certification of need is required before your benefits kick in. Do you have to have a prior hospital stay in order to receive nursing home care? What about home health care? Asking these questions, or including them on a checklist, will ensure that you will not be caught off guard by some of the fine print of your policy later on.