There are many things to consider when you are evaluating a long-term care insurance (LTCi) policy for yourself or for a loved one.  It is essential that you get a HIGH QUALITY¹ plan.  Here are the TOP 5 POINTS that will be included in every HIGH QUALITY LTCi plan without exception:

1.  Care Management

In every HIGH QUALITY LTCi policy, your initial assessment, your plan of care, and your periodic reassessments will be performed through an independent Care Management Provider Agency.  The agency must be approved by the State Department of Health Services, must report to the State Department of Health Services, and must be independent of the Insurance Company.  The cost of these services must be covered by the LTCi Policy.  Without an independent care manager working on your behalf, you may be at the mercy of the insurance company's own claims manager. Include independent CARE MANAGEMENT in your LTCi policy.

2.  Stay@Home

A HIGH QUALITY LTCi policy will allow you to receive your care at home if it is in your interests to do so.  A plan should not force you to go into a nursing home or other facility in order to receive your benefits.  Furthermore, the health events that trigger the benefits under your policy should be identical, regardless of where your care is received, so that the decision about where to receive the care is based entirely on what is best for you.  Make sure your LTCi policy allows you to STAY@HOME.

3.  Inflation Protection

Every HIGH QUALITY LTCi policy will include financial protection from the rising cost of care.  Costs in the LTC services field have been rising faster than the CPI and this trend is expected to continue.  The only way to intelligently protect yourself form the rising costs of care is to make sure that your benefits increase each year, without any corresponding increase in premiums, and without any need to re-qualify for additional insurance.  Include INFLATION PROTECTION in your LTCi policy.

4.  Certification

All HIGH QUALITY LTCi policies have been certified by the State Department of Health Services.  The approval for issue by the State Department of Insurance alone is no indication of high quality.  Only the State Department of Health Services' CA Partnership for Long-Term Care can certify LTCi policies.  Make sure your LTCi policy is CERTIFIED by the State Department of Health Services.

5.  Asset Protection

If you make the responsible decision to purchase an LTCi policy, your personal assets should be protected even if you need more care than your insurance covers. No one can predict the future with certainty.  You may think that you will never run out of insurance, but you cannot be sure. Even if you initially purchase a policy with "Lifetime" benefits, personal circumstances can change.  Include ASSET PROTECTION in your LTCi policy.

Summary

In a HIGH QUALITY LTCi policy, each of these TOP 5 POINTS comes built-in.  You do not have to add them as riders.  If a LTCi policy includes ALL of these TOP 5 POINTS, it is a HIGH QUALITY policy and it is worthy of your consideration.  Make sure that you discuss all your options with an agent authorized to discuss HIGH QUALITY policies with you.

¹Due to health reasons, some people may not qualify for a HIGH QUALITY policy, others may not qualify for any policy at all.

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