As with in
choosing any other product, you always need to compare several
long-term care policies to find the one that best suits your parent or
loved one’s needs. You may need to contact your state insurance
department to find out which companies provide long-term care policies
in your area. Another option may be to add a rider onto a current
health insurance policy. Several companies offer free quotes through
the mail or over the Internet. You may do a search on the Internet
using "long-term care insurance" to find some of these companies.
It is not easy to
compare long-term care policies. They vary in so many ways- when they
come into effect, what they cover, how benefits are paid etc... You
should ask to see an "outline of coverage" detailing a long-term care
policy’s benefits, costs, restrictions, and limitations.
When reviewing
long-term care policies, you should be sure that any special features
are worth the price paid in higher premiums. Additional coverage of
any type will add substantially to the cost. You should not simply
consider what your parent or loved one wants and then get quotes. You
should compare the basic packages with the more expensive policies,
see what each item adds to the price of the policy and then determine
if it makes sense to pay the higher premium.
A growing number of employers
are now offering long-term care policies to employees, retirees, and
sometimes employee’s parents as well. Usually this means discounted
premiums (they're often paid for with pretax dollars). The federal
government is now offering long-term care policy options to most
federal and U. S. Postal Service employees, active and retired members
of the uniformed services and their spouses, and adult children
(employees can also get insurance coverage for their parents,
parents-in-law and step parents). For more information about the
federal program for long-term care policies you should go to
www.ltcfeds.com
or call 1-800-582-3337.
Even if your
employer offers a long-term care policy option, look at other plans
and compare. Just because the company has a group plan that includes
long-term care policies doesn't mean it's the best option for you or
your parent.
Also, See
Getting
the Right Policy #2
