Long-Term
Care Insurance Coverage:
Customizing Your
Coverage
You can customize your long-term care insurance coverage by analyzing
the various factors that make up the coverage and have an impact on the
premium. The importance of balancing and prioritizing
the
seven factors and additional benefits can't be overemphasized. Many
people are in the unfortunate position of being both underinsured and
overinsured, all in the same plan. We have rated
each of the factors based on it's
importance in the overall policy design process. A rating of 5 means
that the factor is very important, a rating of one means it's
insignificant. Our recommendations for each of the
factors is based on our 19 years of policy design and claim's
experience. There
are
7 basic factors to consider: Each factor has a direct bearing on how
much you will pay for coverage.
Riders:
Bells and Whistles
LTC insurance can be purchased with an array of extra
benefits that can be added to the basic policy. These bells and
whistles are called riders. While
these riders increase the premium,
most of
them fail to add any significant value to the coverage. But some are
worth
considering.
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