About long term care insurances
Without having a long term care insurance you will have to pay a lot more on nursing then on an insurance. More than 505 of Americans will need a long term care insurance in their life, so it’s very important to have one. Also it’s important to know what the insurance should cover.
Variable coverage. The long term life insurance will need to include coverage for home health aids, adult day care providers, assisted living facilities, nursing homes.
Protecting from inflation. Because it’s possible that the costs would rise in 15-20 years, protection against inflation is very important. Make sure that the policy includes this.
Daily benefit. Make sure not to pick the cheapest daily amount of care services. You should go to a local nursing home and ask for the average daily cost. Request yours to be at around 705 of that average. Adjust it annually.
Independent care management. It’s very important to make sure that the insurance enables you to have an independent licensed health care provider and not one that is working for the insurance company.