What Questions to Ask when Shopping for Long-Term Care Insurance

What Questions to Ask when Shopping for Long-Term Care Insurance
There is no one-size-fits-all when it comes to LTC insurance. Comparing
important features of a LTC insurance plan can help you understand how the
different components of the plan affect your coverage.  Since LTC insurance
benefits are not standardized in Virginia, each policy is different.  Generally, for
each policy you are considering, ask the agent:
• What types of care are covered?
• What are my choices for the following:
Daily Maximum, Elimination Period, and Inflation Rider?
• How much is the daily benefit for nursing home, home health
care, adult day care, or assisted living care?
• For how long does the policy provide benefits for nursing
home care, home health care, adult day care, or assisted living
care?
• How does the policy keep up with inflation?
• How much will the premium payments be each year?
• Is there a lifetime maximum on the benefits?
• How long before pre-existing conditions are covered?
• Are the insurance company and agent licensed in Virginia to
sell LTC policies, and do they have a good track record for
customer service?
• What benefit triggers must be met in order to receive benefits
under the policy?
• Is the policy tax-qualified?  The policy must contain a disclosure if
it is intended to be tax-qualified.