Terms of Use:

What things should I consider when purchasing long-term care insurance?

• How much are the premiums and can they change over time under any circumstance?

• What is the maximum daily benefit that you will be paid?. You usually can select a daily benefit of between $50 and $250 per day.

• How long can you receive payments from the insurance company once you need care. You usually can select a specific number of years (2,3,4,5), or lifetime plans are also available. The average length of stay in a nursing home is 2 1/2 to 3 years. Note: A three year plan will be less expensive than a lifetime plan.

• How long will you be responsible for paying for your care before the insurance begins to pay? This works like most insurance deductibles except it is stated in a number of days instead of dollars. Most plans have a variety of options like 0 days, 30 days, 60 days, or 100 days. Be sure to check if this deductible is once in a lifetime or if it can repeat.

• Does your benefit grow with inflation? How and when is the inflation adjustment computed?

• Does the policy cover expenses for home care or are your required to be in a licensed facility?