Comparing Long Term Care Insurance Policies

We’ve heard it many times and agree that long term care insurance is important but, admittedly, we find it difficult to decide and plan on this. Most companies will offer list of confusing and technically written descriptions of benefit options and riders that we, consumers, become confused and irate as to which appropriate coverage should we get.

Many of us want to save time and avoid headache when comparing long term care insurance policy options. The following should be assessed to determine the coverage you need:

• Your health condition
• Your family health history
• Your age
• Your current income and assets you wish to protect
• You family situation

Evaluating Important Features of the Policy

Premium – The premium must be affordable enough to considerably pursue the lifestyle you have had and protect the assets you have reserved for your children and family. The general rule of thumb is the premium should not exceed 7 percent of income and 5 percent of total assets.

Maximum daily or monthly benefit – The benefits pay out either on a daily or monthly basis. Always canvass the costs of facilities in your area to get idea how much you will need. Insurance agents also suggest covering at least half of the benefits and paying the remaining to keep the premiums manageable.

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