LTC checklist

Check before you sign, it changes the outcome

Long-term care terms differ a lot from one product to the next. To get the benefit you expect, in the form you expect, a few things need checking first.

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Start with what is covered

Make sure the plan covers the kind of care you would actually want. The support services matter more than people expect when the time comes.

Home care
Assisted living
Adult day care
Nursing home
Hospice
Care coordination
Caregiver training
Respite care
Bed reservation
Care abroad

What to check before you apply

Premium against benefit

Balance a premium you can keep paying for years against a benefit that will cover future costs. Single pay, 10-pay and lifetime pay suit different situations.
Elimination period

The wait between qualifying and the money starting. Ninety days is typical, it can range from 0 to 180, and shorter costs more.
Inflation protection

Care costs rise fast. An amount that looks generous today can be thin later, so a benefit that grows each year deserves serious thought.
Paid-up coverage

If premiums become hard to pay, this keeps a reduced benefit in force instead of losing what you have paid so far.
How the benefit is paid

Claiming against receipts, or receiving a set amount. How freely you can use the money is very different.
Waiver of premium

Once you start receiving benefits, this stops the premiums, easing the financial load while you are in care.

Coverage, triggers and premiums vary widely by product. All require health underwriting, and the healthier you are, the better the terms.

Complex, but you don’t have to choose alone

I explain what each of these actually means in plain words, then design a plan around your situation and goals. I stay with you from the first question to the policy.

Questions people ask

How long should the elimination period be?

Ninety days is a common choice. Shorter costs more and longer costs less, so a good guide is how long you could cover care from your own savings.

Do I really need inflation protection?

Care costs rise quickly, so an amount that looks generous today may fall short in fifteen years. It does raise the premium, so I show you both sides.

What if I can no longer pay premiums?

If your plan includes paid-up coverage, you can keep a reduced benefit instead of cancelling. Not every product includes it, so check before you apply.

Do I keep paying premiums while I receive care?

With a waiver of premium, you stop paying once benefits begin. This also differs by product.

Will it pay if family members care for me?

Cash indemnity plans have no limits on how the money is used, so they can cover family caregivers. Reimbursement plans offer limited cover for informal caregivers.

Related services

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