If you are over 50, you are probably planning for retirement. You may also be planning to get a long term care insurance policy. A policy will provide you medical and social services that will help you cope with the complications of an aging body and mind. Before buying one, here are significant long term care insurance questions that you may ask:
- How can I manage the payment of long term care insurance policy premiums?
The first step in choosing a long term care insurance policy is to check and compare rates of premiums. Get a policy with affordable premiums and with coverage of long term care services and other benefits that are right for you.
Another way of managing premiums is to make sure that the insurance provider asks you to pay for them in the same rate as your age group. You may also ask assurance if premium rates remain constant in the time period you are paying for them.
- What are the benefits and facility coverage included in a policy?
Aside from premium rates, it is important that you are well-informed of benefits and coverage with long term care insurance policies. Check out if a policy’s benefits apply to your health condition. For example, you may want to avoid long term care benefits that include cognitive impairment if you have a healthy state of mind.
Long term care services are provided in different types of facilities. Choose the right one for your needs and preferences. If you are diagnosed with dementia, then you are recommended to stay in nursing homes with specific treatment for your condition.
If you are healthy and interested with the company of fellow senior citizens, you may want to receive long term care in adult day care centers or retirement communities.
- Does a policy have extra features such as inflation protection and deductibles?
When you have long term care insurance questions, ask whether policies have features that give you more benefits. However, there are also policy features where you must fulfill conditions before you can get the benefits.
Inflation protection guarantees that you can keep up with rising premium rates, and receive sufficient value of long term care benefits. Without it, your policy cannot sustain all of your long term care requirements in the time of premium rate inflation.
With deductibles, you have to pay out-of-pocket for your own needs within a certain time period before you are covered by the policy. As an option, you may get an insurance policy with the shortest time of paying deductibles. Assess your policy’s deductible system and how much you pay for it.
- When is the best time to get a long term care insurance policy?
There are no restrictions with the age of obtaining a policy. It is recommended that you start planning to get one when you are reach the age of 30. In fact, when you apply at a younger age you lessen the cost of premiums when you become a senior citizen.
Long term care insurance questions cover a wide range of topics. It is advised that you ask more questions to state-licensed insurance agents, insurance experts, and even doctors.
Sources:
http://www.acsia.com/ltc-quotes.php
http://www.nytimes.com/2014/02/12/your-money/long-term-care-insurance-priced-by-gender.html
http://en.wikipedia.org/wiki/Long-term_care_insurance
| http://www.acsia.com/ltc-quotes.php |
Questions. Answers. Long Term Care. 