If you just decided to get a long term care insurance it’s important to know all features and benefits you will pay for. You should first consider how comprehensive your LTC coverage will be because this will affect your premiums. Do you want it to cover just a going to a nursing home, or home based health care provided by a nurse or adult day care or maybe a mixture of these all? You should also think how much daily or monthly coverage you want and you must consider whether you want a lifetime cap or unlimited lifetime coverage based on the options available for your age.
One of the most important factors when you are choosing long term care insurance is the benefit period. Most policies have limited benefit from 2 to 6 years but you could also pay to have a lifetime benefit period. You will also have to consider the duration of elimination period because during this all medical expenses that the LTC insurance policy covers will be paid from your pocket. You could have a zero-day elimination period but the price for this policy will be really high. Most insurance companies have elimination periods that won’t exceed 100 days. If this period is longer the price will be lower so this is the place where you can save a lot of money on premiums if you’re young and don’t think you will have health issues soon. Another important thing is the inflation protection feature that will protect you from health care care expenses during time. In the end one of the most important features that could influence your premiums is the non-forfeiture benefit. This will allow you to receive benefits even after you stop paying the premiums.
