What You Must Know About Long-Term Care Insurance

Long-term care insurance can help to reduce the financial burden placed on a senior and their family in the event that they need more extensive and prolonged care in the future. However, there are many factors to consider when purchasing this type of insurance, so some careful research is necessary. Those who work in senior services advise elderly individuals and their families to consider the following points:

• Shop around: Prior to making a purchase, it’s important to get a sense of the various options available. Talk to different companies and compare their benefits. Don’t just go for the least expensive plan, as the kinds of coverage and the details of the plan matter too. A plan that doesn’t truly suit your senior’s needs is not worth any sum of money, no matter how seemingly inexpensive it is. 

• Make sure it’s all in writing: Written promises and guarantees don’t do much when it’s time to actually make use of the policy. According to those who work in senior care, Cedar Valley families should make sure that any statements that the company gives are backed up and verified in writing. 

• Ask questions for clarification: Minor details and phrases can completely alter the policy, so it’s important to have a solid understanding of the various components contained within the coverage. Some people feel embarrassed about asking questions about coverage, but there’s no shame in verifying total understanding. 

• Does the policy come with inflation protection? Your policy that pays $100 per day for nursing home expenses may sound great now. However, if your senior doesn’t need the coverage for years and suddenly nursing homes have doubled in price, then this coverage becomes virtually useless. Make sure that the coverage you purchase accounts for inflation. 

• Will the premiums continue to be affordable? Elder care services professionals explain that this is a major point to consider. Even if your elderly parent can afford the premium now, it’s important to verify that this will still be the case in the future, particularly if they’ll be living on a fixed income. 

Long-term care insurance can be a monumental help to seniors and their families; however, prior to making a purchase, it’s necessary to comb through the details of the policy carefully. Ensure that it will still be affordable and effective in the future before signing on the dotted line.