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.