Top Tips For Buying Long Term Care Insurance

Get it while the getting's good
"Once you've developed diabetes or heart problems, [long-term care insurance] is very difficult to acquire, and premiums skyrocket. Market forces may also hinder one's ability to find an affordable option. "At some point, the insurance companies might say they have more exposure than they would like in baby boomer policies so prices may go up.

Shared-care options
If married couples apply, shared-care options allow them to split benefits. If couples choose a policy that limits the years or dollar amount of care, the husband or wife can piggyback off their spouse's unused dollars later. If the husband dies first without having used his share, it is passed along to the wife. Riders can also specify that if one spouse dies, the other doesn't have to continue to pay the premium for the deceased spouse.

Inflation protection
Look for benefits that increase from year to year--and premiums that don't. Some contracts specify that instead of having a guaranteed step-up in care every year, there's a right to purchase that benefit. But if people stop buying it, the benefits could freeze, and payouts would fall short of covering the bills.

Physician control
Buy a policy that allows your own personal physicians to declare need. At the time of need, you don't want to have a lot of bureaucratic wrangling. It's already an emotional situation.

In-home care
Some policies may not allow for in-home care or may provide only reduced benefits for it. Advisers say most clients would prefer to have their houses modified and health-care staffers hired to help them in a place where they're already comfortable, rather than moving to a nursing home. About a third of the insurance benefits paid out in long-term care policies last year were allocated for home care, according to the American Association for Long-Term Care Insurance.

Long-term care wrap
Though typically more expensive than straight long-term care policies, some new life insurance policies have long-term care wrappers that enable policyholders to take built-up value in the life insurance policy and use it for long-term care. While once eschewed by financial planners, these products are now more appealing. "Life insurance with long-term care is a nice hybrid," If you need the money for long-term care, you can use it. If you don't need it, it goes to your heirs. After all, peace of mind is only so valuable.

Short pay/limited pay
Instead of paying premiums throughout the course of your life, there may be an option to make 10 or 20 payments and be done with it. "After four or five years, some clients feel like this is swallowing a football--but it may be well worth it for you.

Premium bloat
Scrutinize the company's past to make sure that it's not in the habit of raising premiums unless they raise them across the board. Go with an insurance carrier that's financially sound and committed to the industry so when it comes time to pony up a claim they'll actually do so with as little hassle as possible. "People get caught up in cost but at the moment you're most fragile, the cost becomes immaterial.

Buy Return of Premium instead of regular term life insurance. (You get all your premium back once the term is done.)

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