Article published by : Georgina Thorne on Wednesday, July 04, 2012 - Viewed 736 times

Category : Insurance

Helpful Pointers When Buying Long Term Care Insurance Policy



When one is buying long term care insurance policy, he must make sure that he knows all the basic and important details that he must be aware of. This is essential so that he can fully maximize and make good use of all his possible LTC benefits.

For those who are not yet really familiar with the processes and with how LTC plans really work, asking for assistance and clarifications from your insurance agent would be a good idea because they are one of the authorities when it comes to this kind of insurance plans. One can also hire the services of an elder care expert but this may mean additional expenses for the individual.

The public is more familiar with the numerous benefits that they can get from owning an LTC plan. These include the use of medical or hospital equipments like wheelchair that can help lessen the burdens of the confined policy owners.

Medical workers such as doctors, nurses, and caregivers are also provided in order to make sure that the wellbeing of the policyholders are given much importance. They assist the insured individuals with their daily activities that may be quite hard for them to accomplish or perform due to their sickness or old age.

The policy owners’ loved ones need not worry because these medical workers would also inform them of any issue or concerns regarding their elder family member to keep them updated with his condition in the nursing home or adult day care facility he is in.

Another important information that one has to know when he is buying long term care insurance policy is the different features that LTC plans must have in order to consider it valid and authorized to use and receive policy benefits.

Below are the most common LTC plan features that every one must take note of:

1. Benefit Coverage Period – This feature determines the length or number of years that an insured individual can receive services that are covered by his insurance provider.

2. Benefit Amount – This is important so that the person would know up to how much he can spend every time he uses his insurance plan to receive benefits. His insurance company may give him exact reimbursement or full amount of his policy depending on the type of LTC plan that he availed.

3. Inflation Protection – This is considered as the most beneficial of all features because it can adjust the value of a certain LTC policy to cope up with the present LTC costs available.

4. Waiting Period – This is also known as the elimination period of an LTC plan. This pertains to the number of days that the person must personally pay for whatever LTC service or facility he would use before he can expect any payment from his insurance provider. Some companies require that the number of days be consecutive so it would be better to inquire about this during your policy application.

Other insurance companies might have other added offers to those who are buying long term care insurance policy from them. So to be sure that you get the best and most appropriate insurance deal for your needs and budget, try to ask for LTC insurance quotes from various companies before you confirm your plan acquisition.

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Keywords: long term care quote, long term care insurance costs

By: Georgina Thorne

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