Long-term care insurance

Long-term care is skilled nursing and other services that are provided in the person's home, or in a facility such as a nursing home or an adult day care center. Long-term care can be very costly. Long-term care insurance is one way of helping to pay for this care.

There are several kinds of long-term care insurance policies. Some pay for any kind of care, while others pay only when a certain type of care is needed. Shop carefully if you choose to buy long-term health insurance. Discuss your options with your family and your healthcare provider. Some senior groups and hospitals may also have helpful information. Each state has a Department of Insurance that licenses insurance companies. They may be able to answer questions about the company you are considering.

• When considering a policy, here are some important questions to ask:
• What types of care are covered and in what settings?
• What are the daily and maximum benefit amounts of the policy?
• What disabilities or illnesses are covered?
• Is there a waiting period for coverage, or for coverage of pre- existing conditions?
• Will the premiums increase in the future, and is there protection against inflation?
• Are certain illnesses, such as mental or nervous conditions, Alzheimer's disease, or other long-term conditions covered in the policy?

Before agreeing to purchase any insurance policy, here are a few things you can do to make sure you are satisfied.

• talk to representatives from several companies to compare prices and benefits
• never buy a policy from a door-to-door salesperson
• check the financial stability of the company you are considering
• read all materials before signing any documents
• answer all questions truthfully and never sign a blank insurance application and
• never pay in cash

Last Reviewed 2005

Disclaimer: This content is reviewed periodically and is subject to change as new health information becomes available. The information provided is intended to be informative and educational and is not a replacement for professional medical evaluation, advice, diagnosis or treatment by a healthcare professional.

HIL File AGIN3387.rf2 VRS# 7853 Data Version 7.0 Copyright 1998, 2003 McKesson Health Solutions LLC. All rights reserved.