Buying long term care insurance is one of the best ways in which you can secure the provision of long term care, without worrying about costs. You can find an insurance that takes care of a variety of long term care needs- starting form hospital care to in home help with jobs like bathing, cooking and even shopping. When you are buying insurance for long term care, keep in mind the following tips provided by AARP:
- Always ensure that you get the insurance when you are comparatively young. For instance, it is always better to get insurance when you re middle aged than getting one when you are in your 70s. This is because you are more likely to have serious health problems at that age. Also, the insurance companies are likely to charge you much higher rates if you buy a policy at that age.
- Consider the ends you are securing compared to the price you are paying. For instance, you should consider things like asset protection and reducing dependence on family members when you are considering a long term care policy. For the basic provisions, a company should not charge you more than $2000 or $3000 in a year. If the costs you have to pay make you compromise with some of the basic things you need in life, donít go for it.
- Decide on the coverage that is most suitable for you. For instance, some offer nursing home care while others offer in home care facilities. Some policies offer a combination of both. It is very important for you to have an understanding of what you might need and then go for that type of cover.
- Important things to look for in a policy include the monthly or daily benefit level. If your expenses exceed these costs, you will have to pay for it yourself.
- Another important consideration you should keep in mind is that there should be an inflation protection clause in your policy. This is necessary because the costs of health care are rising with every passing day and a lack of this facility might result in you paying a large chunk of the costs yourself.
- Other important things to look for in a policy are- there should be no mandatory hospital stay clause before you start receiving the benefits, there should be guaranteed renewability in the plans so long as you continue paying premiums and you should stop paying premiums when you are receiving benefits. You should also consider the pre existing clause before buying a plan.
- You should also consider optional products like life insurance policies or annuities before you settle on a plan. Sometimes, you may get a long term care rider together with these plans.
These are certain things you should keep in mind before buying a long term care insurance policy. Remember, this policy will look after your healthcare when you need it the most, so choose one with care.