- 1). Get a policy that will fill in the gaps of Medicare coverage rather than duplicate it. Generally, Medicare will cover the expenses for commonly used medical supplies and medical equipment and some home visits for nursing care, various therapists and medical social workers. If you or your spouse has an unusual medical condition that may require special services, find out about what Medicare will and will not cover now so you know what gaps you need to fill in with personal long term coverage.
- 2). Look for a policy that provides respite care services. The caregiver will also need help with household duties, shopping and errands, cooking and personal hygiene care for the patient. Caregivers will give out over time from having to do everything for themselves and the patient and the household and errands. They seldom get enough rest and can become ill themselves without some relief. This is not a luxury but a necessity when caring for someone else around the clock.
- 3). Check carefully into the policy's limitations. Many policies have clauses in them, often in the fine print, that exclude important coverage benefits and make getting help in the event that these happen difficult to impossible. Make sure that Alzheimer's disease is not excluded, nor are mental health problems or neurological problems. These are commonly occurring disorders among the very old and you don;t want to be without coverage for them. Read every clause and exclusion carefully.
- 4). Consider only policies that pay a percentage on the cost of a room, never on a fixed amount. If the economy changes and prices go way up, a fixed dollar amount may cover almost nothing. Make sure that your policy pays at least eighty percent of the room rates. You need to have coverage on a semiprivate room or a private room as those are the only choices most care facilities offer.
- 5). Protect yourself by getting a policy that will cover four to five years. Most long term care patients don't live beyond four years, so five years is a very safe time limit. Ask if the policy has a limit based on a dollar amount or a time amount. Either one can be a good policy, depending on what else they cover, but you need to know how each one works to choose the best option.
- 6). Save by buying long term care insurance through the company that you or your spouse works for. You will save a bundle and usually get better coverage with a group policy. Get a policy with a 90-day waiting period to save a bit more. Get a policy that offers you front end underwriting so that your health histories are gone over with a fine tooth comb. These policies are pickier and so they get healthier people overall which keeps the costs lower.
- 7). Buy a long term care policy while you're still young. You can spend five times the cost at age 70 than you would have spent at 40. Reduce your premiums by forgoing the long term home health care. Home health care is much cheaper than nursing home care and that benefit will nearly double the price of the policy. Don't include an inflation clause for increasing benefits because that will drive the cost way up as well. Read the government guide to long term insurance that is available online for free at the URL listed below.
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