Explaining the basics of long term care insurance...
Understand Long Term Care Insurance
One of the toughest things about buying long term care insurance is that the policies are not standardized
like Medicare Insurance is. It is more difficult to
figure out
long term care insurance costs because it is harder to compare "apples to apples".
Types of Long Term Care Insurance
Tax Qualified vs. Non-Tax Qualified: Tax qualified policies can save you money, but non-tax qualified plans may have less restrictions.
Indemnity vs. Expense Payouts: An indemnity plan pays your daily benefit no matter how much you spend, but actual expense plans only pay what it really costs.
You get cash back faster with indemnity plans, but expense plans can extend the length of your policy because you won't hit the lifetime maximum as fast.
Types of Services Covered: Some policies cover any sort of nursing care. Others are more specific.
Elimination or Waiting Periods: You can also choose the length of time you have to get services before the insurance starts to cover them.
