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LONG
TERM CARE - POLICY DETAILS
A properly structured
long term care policy could provide at minimum the following benefits:
- Nursing Home Benefits
- Home Care Benefits
- Assisted Living Benefits
- Respite Care
- Inflation Protection
- Waiver of Premium
Nursing Home Benefits
Provides a daily benefit
amount and a benefit period. Example: $150 per day and 5 year benefit.
Home Care Benefits
Similar to the nursing
home benefit above. Home care can be as expensive as nursing home
care. Therefore, it is best to choose a benefit amount that is close
to that of the nursing home benefit. Some policies offer home care
as a percentage of the nursing home benefit.
Assisted Living Benefits
Pays for you to live
in an assisted living setting. These benefits are normally a percentage
of the nursing home benefits.
Respite Care
If you are living at
home and have a spouse or relative caring for you, this benefit
is important for your caregiver. It pays for a replacement of your
caregiver for up to two weeks per year. This allows your caregiver
a break from the stresses involved in long term care.
Inflation Protection
 Inflation
protection is very important. It allows your daily benefit to increase
through the years. As the costs of long term care expenses are expected
to rise through the years, the benefits that match costs today,
will not match those in the future. Therefore, inflation protection
is an important feature to have.
Waiver of Premium
Prevents you from having
to pay for your long term care premium when you are receiving long
term care benefits from your policy. Policies may vary in the time
period in which this benefit begins.
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