What to look for in Long-Term Care Insurance

What to look for in Long-Term Care Insurance

Thousands of Baby Boomers are retiring each day, and many are wondering about the possibility of having to pay for expensive long term care.

Long term care insurance was created to cover the costs of skilled nursing, assisted living and other types of care as you age. 

Long term care policies are expensive and should be considered carefully. The expense is determined by some of the features you choose such as: Inflation protection.  

One of the main reasons to buy long term care insurance is to protect against rising prices. Inflation riders can be automatic, and are usually 5 percent annually, which is the most expensive. They can also be periodic, which means they’re set at increments of every couple of years. 

Another factor that determines the cost of long term care insurance is the elimination period - most policies require you to pay for yourself for the first 20 to 100 days of care. The shorter the period, the higher the premium.

Medicare pays for up to 100 days of skilled care following a hospital stay, so check to make sure the policy day count includes the days when Medicare pays.

Long term care insurance pricing varies with the level of care provided. The three levels of care, are skilled care, or fulltime nursing care, which is the most expensive; Then there’s intermediate care, which is regular skilled care but not full-time; and lastly is custodial care or assistance with daily living by non-medical personnel. This is the least expensive type of care. 

There are many other features to consider when shopping for long term care insurance. To learn more, please give us a call today.

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