Shopping for long term care insurance can be rather daunting. For example, should I consider a traditional Long Term Care Insurance policy or a combination Life Insurance and Long Term Care Insurance Policy? How many years of coverage should I purchase? What monthly benefit amount is appropriate? Should I also purchase inflation protection? These are just a few of the questions that need to be considered. Also, there may be some options that can help save money and yet still allow for excellent coverage as discussed in a Forbes article titled, “What Are The Best Coverage Options For Long-Term Care Insurance?”.
One way to save money is buying a joint policy with your spouse. For example, the premiums for a joint policy will be cheaper than two separate 3 year policies. Another important strategy is to shop among different insurance companies to compare costs and benefits. You have to be careful about which company you choose and make sure you understand the specifics of your plan. Do not choose a company just because they have the lowest rates – these companies could increase premiums at a later date.
Finally, there are options for how your benefits will actually be paid. The reimbursement method is the most common. You will pay out of pocket for the long term care expense and then submit a claim for reimbursement from the insurance company.
It is worthwhile to meet with a qualified elder law attorney to discuss all of these options to ensure that you purchase the best possible coverage.