When considering long-term care insurance policy, you should be familiar with the following:
The maximum daily or monthly amount your policy will provide toward the cost of longterm care.
The maximum benefit amount available under a policy (e.g., $360,000).
The waiting period before benefits are paid (e.g., 90 days). Opting for a longer waiting period is a good way to lower your premium cost.
A provision that helps benefits keep pace with the increasing cost of care.
Shared benefits rider
A provision that allows a couple to share benefits between their policies. For example, if they each have $250,000 of benefits but one partner exhausts his or her entire benefit, that partner can begin drawing on benefits from the other partner’s policy.
A 30-day time frame after purchasing insurance, during which you may cancel for a full refund of your premium.
Your policy cannot be cancelled, and premiums cannot be increased unless all policies of that type within a particular state are increased together.
Care coordination benefit
A service where a professional may arrange, monitor or coordinate the necessary services.
Certain conditions are listed as exclusions for most policies including, but not limited as policies vary, to alcoholism, drug abuse, some mental illnesses and nervous disorders. Self-inflicted injury is also usually excluded from coverage.