I need help for my insurance
Hi. I need some advice about getting a long term care insurance for my mom. She's currently 52 and I talked her into this a couple of months ago when her friend got a heart attack. I also talked to an agent about us, my mom and me, sharing her premiums so she can finish it as early as possible. At the moment, I am having a monthly income of $800 so I think that I can do just that. Is there however some other question/s that I have to ask even before availing one?
I can suggest several.
Does the policy protect your mom against rising costs in the future from inflation or other causes?
Does the policy guarantee the premium will not change or at least will remain the same for a specified period of time?
How does the policy cover home health care and different levels of nursing home care such as skilled, intermediate and custodial care including the total benefit amounts and benefit period duration?
Does policy cover comprehensive care both at home and in a nursing home so that your mom can stay at home with less severe ailments?
Do the benefits include at least one year plus the maximum number of days you can afford?
Is the policy guaranteed renewable regardless of health or age as long as the premiums are paid on time?
Is there a deductible or a waiting period of 100 days or less before coverage begins?
Is dementia and Alzheimer’s covered?
Does the policy include nonforteiture of benefits even if you cancel or stop paying premiums so you will still receive some part of your benefits?
Is the insurance company financially sound with a good reputation?
Is the premium less than 7% of your income?
Also, if budget is an issue, have you looked into Short Term Care Insurance. As the name states it offers similar coverage for a shorter period of time, usually a year max. The premium cost is usually much less than long term care insurance.
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