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Long-Term Care Insurance
Long-term care insurance provides health coverage for care or assistance in a nursing facility or in a home or community environment. It is a relatively new type of insurance offering another way you may pay for long-term care and coverage. Whether you should buy long-term care insurance will depend on:
It is difficult to know when and how long you will need long-term care. Try reviewing the following factors to determine whether or not you should purchase long-term care insurance.
Reasons you shouldn't buy long-term care insurance:
Reasons you should buy long-term care insurance:
You may want to consider buying long-term care insurance if there is a family history of chronic illness such as:
It is a good idea to consider long-term care insurance during pre-retirement planning. Just like life insurance, you are more likely to qualify for better rates when you are younger and in better health before you actually need it.
Closely review your options, needs and resources to help determine whether long-term care insurance is right for you. If it is, remember that insurance companies sell policies that combine benefits and coverage in different ways.
Benefit Triggers - ADLs and cognitive disorder are considered types of "benefit triggers," the term used to describe the factors that qualify a person for eligibility of benefits. This is an important part of a long-term care insurance policy. The policy usually outlines the benefit triggers.
Types of Benefit Triggers
Different policies may use different benefit
triggers. Some states require certain benefit
triggers. Check with your state insurance department
to find out what your state requires.
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