Before buying a long-term care insurance policy ask the following.
- Not all policies are the same. Contact several insurance companies and compare the benefits. For instance what’s covered and what’s not covered, limitations of the coverage, and the premium cost.
- Carefully read the policy to make sure you know what you are purchasing and you’re clear as to what the policy covers and does not.
- Review the application for correctness. You don’t want to be denied coverage due to an incomplete or inaccurate application.
- Is the insurance company financially stable? Obtain its rating by the rating agencies.
- Obtain the company premium increase history and what the premium is today and for the future.
- Be careful of advertisements. Don’t be mislead.