Finding The Best Long-Term Health Insurance Policy for You
Part 4, Chapter 14: Specialized Situations: Coverage for Long-Term Care Page 7
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Long-Term Care Insurance
Before making a decision, ask companies that issue long-term care insurance to send you copies of their policies. Review each of the policies carefully. It's important to determine exactly what types of care are covered or excluded, and the specific conditions under which coverage is available. In particular, make certain that the type of care with which you are most concerned is clearly covered. In addition to coverage designed to meet the needs of specific physical impairments or limitations, you may also want to make certain that the policy provides coverage for cognitive disorders due to a stroke or to conditions such as Alzheimer's Disease.
If your major concern is coverage for care in a nursing home -- rather than coverage for home care, day care, or assisted living -- it's important to consider policies that include provisions to cover possible increases in nursing home costs. A number of experts have concluded that those costs may increase over the next several decades. Thus a long-term care policy that provides a fixed amount for nursing home care -- without a provision that will cover possible increases -- may not cover the future costs of such care.
It's important, as well, to make certain that the policy is guaranteed to be renewable as long as you continue to pay your premiums on time. Depending on your needs and concerns, you may also want to research the question of whether the policy will offer coverage for day care programs designed for senior citizens, and coverage for some aspects of care in an assisted living facility.
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