CLHIA-ACCAP - Consumer Information

A guide to long-term care insurance

Issue link:

Contents of this Issue


Page 10 of 14

8 PURCHASING LONG-TERM CARE INSURANCE The best approach to reviewing your long-term care insurance options is to discuss them with a financial advisor. Together, you should review your financial plan and decide what type of long-term care insurance coverage is right for you. Your individual circumstances and retirement plans are important factors to consider. You will need to complete a long-term care insurance application and it may include some medical questions. The insurance company may request additional information from you or your doctor. How do you apply for long-term care insurance? When reviewing your application, the insurance company will take into account a number of factors on which the premium amount you pay will be based. These factors include: • your age at the time you apply (the younger you are, the lower the premium) • your state of health at the time you apply (the better your health, the lower the premium) • the type and amount of coverage your choose (the higher the benefit amount and • the more options you choose, the higher the premium) • the waiting period that you select (plans with longer waiting periods are typically less expensive) How is my application for coverage assessed? TIP: Some plans provide extra benefits or options you can purchase such as: • The option to 'pool' coverage which can be shared between you and your partner • Support services to point you to long-term care resources and options in your area • Waiver of your premium benefits (so you no longer have to make premium payments once you are collecting benefits) • Inflation Protection Riders (that will increase your monthly benefit to guard against the impact of rising health care costs over time)

Articles in this issue

view archives of CLHIA-ACCAP - Consumer Information - A guide to long-term care insurance