Useful Tips in Comparing Long Term Care Insurance Policies
First, you have to make a summary of all the
ADLs or Activities of Daily Living that you need. Then, check each insurance
company if the policy that they offer covers all those ADLs and ask what
qualifications are needed for receiving benefits. Now if one company offers a
policy that pays for more ADLs with less qualification, then put it on top of
your list.
Second, do not disregard the significance of
inflation protection included in a long term care insurance policy. A lot of insurance
agents tend to mislead you by saying that they have the cheapest lowest policy
in town simply because theirs does not include inflation protection. True, this
can add up the price of any policy. But if you consider the fact that prices of
long term care insurance change every year, and even get higher, all the more
you need a policy that includes inflation protection.
And third, see if the policy offers various
levels of care like assisted living, home care, and nursing home care. You
don’t know what your needs will be in the future – perhaps at first, you can
still make use of home care, but later on you might need nursing home care. So
it’s best to get a policy that covers all these and more.
Choosing the right long term care insurance
policy does not really have to be confusing. Anyway, keep all these in mind and
you won’t go wrong in finding the best deal.
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