| It's hard to face the reality of needing long | | | | waiting period before your benefits kick in. |
| term care. But more and more people are | | | | The longer the waiting period, the lower your |
| realizing that if they do need it, they may | | | | premium should be.Rates can vary between |
| lose their entire retirement assets just to | | | | companies, so the most important |
| pay for it. It's now considered part of a | | | | consideration when shopping for long term |
| smart financial plan to have long term care | | | | care insurance is to get comparison quotes. |
| insurance if you don't have enough assets to | | | | When you're comparing different company |
| cover the costs and still maintain your | | | | quotes take a look at the following:1. How |
| standard of living. The insurance can seem | | | | much does the policy cost per month and per |
| expensive so keep these points in mind when | | | | year?2. Is there an inflation adjustment |
| shopping for quotes.Your age, health and | | | | feature? How much does that feature cost?3. |
| desired benefits are the biggest factors that | | | | What services are covered? (Nursing home, |
| affect how much you pay for long term care | | | | at-home care, assisted living care, etc.)4. |
| insurance. The older you are, the greater the | | | | What is the waiting period before benefits |
| chance that you may need long term care. Thus | | | | start?5. How much does the policy pay per day |
| insurers will charge more to insure a | | | | for the services? How long does the benefit |
| 65-year-old than a 55-year-old. A recent | | | | last per service? Is there a lifetime benefit |
| study* released by the American Association | | | | maximum?6. Are pre-existing conditions |
| for Long-term Care Insurance showed that the | | | | covered? What conditions are covered?7. Is |
| difference in yearly premium between a | | | | the policy guaranteed renewable?8. Does the |
| 55-year-old in good health and a 65-year-old | | | | company have a financially strong rating from |
| in good health -- for the same benefits -- | | | | an independent rating agency?Once you select |
| averaged almost $700 more.The benefit affects | | | | a policy, take the time to read through it |
| your premium. You can choose a per diem | | | | carefully. If you don't understand any part |
| amount for most policies based on what you | | | | of the policy, ask questions.*2006 National |
| think you may need. For example a policy may | | | | Long-term Care Insurance Price IndexScott |
| pay $30, $100, or $300 per day. The higher | | | | Lunt is a freelance writer with over 15 years |
| the benefit, the more your premium will be. | | | | experience writing insurance-related |
| Also, you can choose different lengths of | | | | articles. |