Answering tough long term care insurance questions is an ongoing issue for many baby boomers and seniors. It is especially hard for those in their 30s and 40s who are trying to prepare for the possibility of long term needs. There are questions that should be directed to an insurance representative. These questions are tough and require answers before you can choose a policy for your needs. Here are the main questions you should ask and what kind of answer you should look for.
How Long Does Coverage Last?
Different long term care policies will cover a different time frame. Some policies only cover three years. There are insurance companies who are trying to extend the amount of coverage time for long term care policies. This extension does mean a higher premium and may mean less daily coverage. Before asking how long coverage lasts on a particular policy, you should know how long you need the coverage to last. If cancer or other issues run in your family, then three to five years of coverage may not be enough if you are diagnosed. Consider the various illnesses and the length of time long term care would be necessary. Consider only plans that would cover a reasonable length of time for the various long term issues.
How Much Daily Coverage is Provided?
The daily coverage amount for care, provided by the policy, is important. Daily coverage needs may vary depending on the illness. Cancer may be more expensive daily than Alzheimer’s. Depending on the long-term care options and the long term issue, you may want to consider the largest amount of coverage possible. Consider the increase in costs as well. Health care and long term care is increasing daily. These costs may exceed the daily amount of coverage in a policy. Consider the daily needs, increase of costs, and ongoing issues in order to determine how much daily coverage you need the policy to have.
Will the Policy Work with Current Coverage?
If you have a primary health plan, then the type of long term coverage is vital. You will need to know if the coverage you are considering will work with your current major medical. If it does work with the current major medical, you will need to know how it will work. Will your primary insurance be billed first and then the long term care policy? If that is true, then you will need to know your maximum benefit allowable on your major medical in order to insure the two work together rather than against each other later.
In order to plan properly for long term care, ensure you have enough funds to cover health increases, and that you do not exceed your lifetime benefit allowable on your primary coverage you will need clear concise answers. If your insurance consultant cannot give you these answers then you will need to look for another provider who can. The clear answers are what you need in order to make sure all of your healthcare needs for long term care are met.