Once you have researched long-term care insurance and are seriously considering buying a policy, there are still many things to consider before your purchase. Make sure you’re doing it for the right reasons and are not being swayed by unsubstantiated sales pitches.
Potential buyers should consider possible increases to the premium over time; the definition of terms, such as what constitutes an assisted living facility in different states; the financial strength of the institution from which the policy is being purchased; and the chance that an unscrupulous agent is out to inflate his or her commissions to the detriment of the client.
What is long-term care insurance?
Long-term care insurance helps those with chronic illness, disability or those who are unable to perform the basic activities of daily living to offset the cost of care. These policies generally cover services not addressed by health insurance, Medicare or Medicaid.
Have questions about buying long-term care insurance? Post a comment below or contact our Financial Services group at 440-449-6800.