How to Get Nursing Home Insurance
Ask about coverage specifics., Find out about benefit triggers., Ask about coverage exclusions., Compare policies from several providers.
Step-by-Step Guide
-
Step 1: Ask about coverage specifics.
It’s important to find a coverage plan that works for your specific lifestyle and level of health.
Ask each provider what they cover, what the costs will be (both now and once you begin receiving care), and how this coverage fits with your specific situation.Consider things like your family medical history and your current lifestyle to determine what coverage you may need in the future.
You should also verify that your policy covers all circumstances you think could be possible for you – like a lengthy nursing home stay or respite care. -
Step 2: Find out about benefit triggers.
Many providers have specific events that are required to occur before they will begin paying out for nursing home care.
Even if you are fully covered, these benefit triggers must take place before coverage benefits begin.
Usually, these benefit triggers are categorized in terms of Activities of Daily Living (ADLs) or certain behavioral/cognitive impairments.Some benefit triggers might include the inability to feed or bathe yourself, a deficiency in judgment or reasoning, or even short term memory deficits.
Ask about the benefit triggers for any policy you are interested in, and determine if you think these requirements are reasonable. , Most companies exclude coverage for self-inflicted injuries, drug and alcohol abuse, or even certain kinds of mental disorders.
But some companies also specify certain illnesses or situations that aren’t covered by their policies, and this is where you need to be wary.
These exclusions could include a disease like Alzheimer’s, or even a specific circumstance like requiring licensure of any caretakers.Make sure there are no exclusions for most common illnesses – like Alzheimer’s, heart disease, diabetes, and cancer.
If your policy requires that a licensed professional must provide your care, it would exclude the possibility of a family member being able to care for you – unless they went through extensive (and expensive) training to become licensed. , Different providers have different coverage and premium options, so it’s important to shop around a bit before settling on one.
Consult at least three different LTCI providers so that you can ask them all the necessary questions and find the policy that best suits your needs.Be sure to compare coverage, cost, exclusions, and available locations/providers, and even online reviews of each insurance provider’s policy before making a decision. -
Step 3: Ask about coverage exclusions.
-
Step 4: Compare policies from several providers.
Detailed Guide
It’s important to find a coverage plan that works for your specific lifestyle and level of health.
Ask each provider what they cover, what the costs will be (both now and once you begin receiving care), and how this coverage fits with your specific situation.Consider things like your family medical history and your current lifestyle to determine what coverage you may need in the future.
You should also verify that your policy covers all circumstances you think could be possible for you – like a lengthy nursing home stay or respite care.
Many providers have specific events that are required to occur before they will begin paying out for nursing home care.
Even if you are fully covered, these benefit triggers must take place before coverage benefits begin.
Usually, these benefit triggers are categorized in terms of Activities of Daily Living (ADLs) or certain behavioral/cognitive impairments.Some benefit triggers might include the inability to feed or bathe yourself, a deficiency in judgment or reasoning, or even short term memory deficits.
Ask about the benefit triggers for any policy you are interested in, and determine if you think these requirements are reasonable. , Most companies exclude coverage for self-inflicted injuries, drug and alcohol abuse, or even certain kinds of mental disorders.
But some companies also specify certain illnesses or situations that aren’t covered by their policies, and this is where you need to be wary.
These exclusions could include a disease like Alzheimer’s, or even a specific circumstance like requiring licensure of any caretakers.Make sure there are no exclusions for most common illnesses – like Alzheimer’s, heart disease, diabetes, and cancer.
If your policy requires that a licensed professional must provide your care, it would exclude the possibility of a family member being able to care for you – unless they went through extensive (and expensive) training to become licensed. , Different providers have different coverage and premium options, so it’s important to shop around a bit before settling on one.
Consult at least three different LTCI providers so that you can ask them all the necessary questions and find the policy that best suits your needs.Be sure to compare coverage, cost, exclusions, and available locations/providers, and even online reviews of each insurance provider’s policy before making a decision.
About the Author
Michelle Price
Experienced content creator specializing in home improvement guides and tutorials.
Rate This Guide
How helpful was this guide? Click to rate: