1. 870 POINTS
    William Bridgers
    Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
    A quality long-term care insurance policy from a well-capitalized, highly rated insurance company will include at least the following: Facility careHome care Domestic care (housework, yard work, cleaning chores)Assisted living or residential living careAdult Day CareRespite care (time off for the primary family care giver) Home modifications so that insured can stay at home for as long as possible, the costs of which are not deducted from the pool of money   available for daily care.There may be additional coverage offered by the carrier.  Ask to see a "specimen policy" for the exact language of the benefits, features, and riders of the policy you are considering.  Look for language that takes into account the possibility of future medical or technological advances that may become available but which are not yet known or invented yet.  For example, "assisted living" facilities were not even available 25 years ago, but, people that bought quality policies before that time with contract language that allowed for future developments in the field of elder care are now in such facilities and being paid for those expenses.
    Answered on June 27, 2013
  2. 2275 POINTS
    Bill Loughead
    President, SummitMedigap.com, CO, FL, GA, MI, NC, SC & TX
    The great thing about a good Long Term Care policy is that you can decide on how much of a monthly benefit it will pay you and for how long. For example, you could choose a plan that will pay you $5,000 per month for 3 years, 4 years or 5 years. You may decide to adjust the monthly dollar amount up or down to suit your needs as well as the length of the term. The policy should include benefits for home healthcare, assisted living and a nursing home. You should ask if there is an inflation protection benefit with the policy and what the percentage is. This is very important because it will allow your monthly benefit to grow by a certain percentage every year which will help offset the rising costs of care. The amount that you need today on a monthly basis is a lot less than what you will need 20 years from you so want a benefit that will grow.
    Answered on August 24, 2014
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