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Below are 10 important questions to ask your agent about long-term care.
- "Is long-term care insurance right for me?"
There are income and asset levels where long-term care insurance makes sense.
- "May I see a detailed schedule of projected annual increases in the premium from my current age to 85?"
Premiums increase with time. For some, it will become a burden and you may cancel just when you need the policy the most.
- "Do you feel this is a family decision?"
This is an important family decision. If your agent is skeptical about your family being involved, it should raise a red flag.
- "May I see a copy of the contract?"
An insurance form is a contract. You may want to have your attorney review the contract and consult you on details of the policy.
- "Does my doctor control when I go into a nursing home?"
Most companies state that the insurance company or an insurance company doctor, not
the policyholder’s doctor, makes the final decision for benefits. Ask to see this answer in writing.
- "Do I select the nursing home in which I am to be placed?"
Some plans require you to go to pre-approved long-term care facilities.
- "What are the kinds of care that are covered?"
There are many kinds of long-term care, from skilled care to custodial care. Know which are covered—and, more importantly, which are not.
- "How much should I be expected to pay for my long-term care, even with insurance?"
There are many costs associated with long-term care. Insurance only covers specific benefits. Make sure you understand the limitations.
- "What does Medicare and Medicaid pay toward my long-term care?"
For the most part, Medicare does not pay for long-term care, however there are exceptions. Medicaid usually does not pay unless you meet financial requirements.
- "Can you explain your company’s definitions and positions on the following areas: home care, guaranteed renewable and inflation protection?"
These are important areas of coverage, but too many times the definitions differ from one company to the next. Know the definitions and limitations on each issue.
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