Understand why you need long-term care insuranceDo you need coverage just for you or for a spouse as well? How much does your existing health insurance plan cover, and what gaps need to be filled? Finally, how much coverage are you seeking — and how much can you afford? You'll want all this info on hand while you shop around for insurers.
As Krystie Dascoli, voluntary benefits practice leader at the Marsh McLennan Agency, explains,"If an employer offers one of these programs to their employees, they will be able to provide the premiums at a group discounted rate." If you're on your own for insurance, then be sure and compare at least a few long-term care insurance companies before settling on one. This can help you get the best premium.
Shopping around is particularly important if you have an existing medical condition, as these can make premiums even more likely to diverge between carriers. "What type of care is considered long-term care? For example, is home care or adult daycare covered?" Dascoli asks."How does an insured qualify for the benefit? What documentation is required to file a claim? How is a claim filed? How is the payment made? Is it reimbursement or a lump sum?"