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Insurance--Long-Term Care Insurance
Finding a long-term care
insurance plan
Sit down with the agent and discuss your long-term care needs. Make sure that any policy you consider contains these minimum standards for long-term care, from the National Association of Insurance Commissioners:
" At least one year of nursing home or home health care coverage and custodial care. Benefits should not be limited to skilled care only.
" Coverage for Alzheimer's disease.
" An inflation-protection option.
" A guide that clearly describes the policy benefits, limitations and exclusions. The policy guide should help you decide whether long-term care insurance is the right decision for you.
" A guarantee that the policy will
not be canceled when you are older or if you suffer from physical or
mental deterioration.
" The right to return the
policy within 30 days for a premium refund. This is also known as a free
look period, which is required by state law.
" No requirements that say you: must first be hospitalized in order to receive nursing home or home health care benefits; first receive skilled nursing home care before you can receive custodial nursing home care; or, first receive nursing home care before receiving home health care.
You should discuss your needs with an agent, asking lots of questions. Make sure you know exactly what you are getting for your money. If you don't understand something, don't buy the policy. If you are pressured or made too-good promises, walk away.
When you find the right coverage for your
needs, you will need to fill out an application to complete the necessary
forms. You should be honest and completely disclose your medical history
to the agent. If your health information is misstated or incomplete, the
company will not pay your claims.