How Do You Shop for Long-Term Care Insurance?


Quick Answer

People looking to buy long-term care insurance should first consider the reason they may need the insurance, they should not buy more than they need, and they should not buy too little insurance. They should consider purchasing the policy when they are younger, for better premium rates.

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Full Answer

People considering buying long-term care insurance need to evaluate the reason they are buying the insurance. Those with certain conditions may not qualify for long-term insurance. Those conditions include AIDS or an AIDS-related complex, Alzheimer's Disease or another form of dementia, a progressive neurological condition or a metastatic cancer. Those who are already on long-term care, or have had a stroke within the past two years, also may not qualify for long-term care insurance. Insurance companies may also consider other health conditions when they determine eligibility.

When shopping, people should look carefully at each policy, as no two policies are the same. If a person chooses a policy that only pays room and board, they may end up paying other out-of-pocket expenses. A person should consider her age when shopping around for long-term insurance. Younger people tend to pay lower premiums. People should also make sure their budgets allow for payment of the policy over time, as monthly incomes do change.

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