When you’re out shopping for a long term care quote there are actually for major components that you need to look into as these would play a vital role in your coverage.
One of them is the maximum daily benefit amount which pertains to how much your policy is going to pay out to you should you qualify for LTC. To determine the amount of benefits that would need you have to be familiar with the cost of care in your area. For example, the average daily cost of LTC in your place is $185 so it is just logical to consider a policy which would pay out a daily benefit amount of $200. Meanwhile, if you plan to retire in another state where the cost of care is higher you should go for a higher benefit amount to avoid being underinsured.
Another factor to consider when buying a policy is the maximum benefit period. This is the length of period that you will receive benefits from your LTCI policy. According to LTC experts, most elderly folks in a nursing home would require three years of care, on average, before they are moved to home-based care. Others with serious health conditions, however, would stay up to 10 years. It is necessary to identify the level of care that you will likely need in the future before you can determine your policy’s benefit period.
The elimination period is another element which should be studied carefully. This refers to the length of time that you will pay for care using your personal resources. Take note that you need to satisfy this otherwise you won’t be able to receive your benefits.
Lastly, there’s the inflation protection which you should not take for granted as this rider ensures that your benefits keep pace with inflation.
For further information on long term care insurance policy options, contact a licensed broker in your area who represents top LTCI carriers.
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