Given all the considerations, here is a list of questions you should get answers to before signing onto a long term care insurance plan.

 15 Questions to Ask about Long-Term Care Insurance

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  1. What kind of care is covered? (Skilled nursing care, Intermediate care, Custodial care Home health care)
  2. How much will be paid for each level of care?
  3. Is there a waiting period before benefits are payable?
  4. How long will the policy pay benefits?
  5. Is there a maximum policy benefit?
  6. Will benefits increase with inflation?
  7. Are preexisting conditions covered? If so, what is the waiting period?
  8. Does the policy impose any eligibility requirements?
  •      Prior hospitalization to receive skilled nursing home benefits?
  •      Need for skilled nursing care prior to payment of custodial care costs?
  •      Prior coverage in a custodial-care facility or hospital to receive home health care?
  •      Coverage only in a Medicare-certified facility?
  1. Is Alzheimer’s disease or other dementia specifically covered?
  2. Can the insurer cancel the policy?
  3. Can the premium increase over the life of the policy?
  4. Does the policy contain a waiver of premium?
  5. Does the insurer have an A+ or A rating from Best’s Insurance Reports or other insurance rating organizations?
  6. Is the insurer experienced in handling health insurance claims?
  7. Is the policy guaranteed renewable?

Posted 1:19 PM

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