The ancient Greeks enjoyed an average lifespan of only about 20 years compared to an American female who is expected to live, on average, to age 85. Although we can thank advances in medicine and science for giving us an extended lifespan, doctors and scientists have yet to come up with a way to completely halt the again process. As a result, there is a better than average chance that you will need some type of long-term care during your lifetime.
With an average yearly stay in California pushing $120,000 for long-term care, it is no surprise that many people are looking into long-term care insurance, or LTCI, to help cover the exorbitant costs associated with the care. As with any insurance policy, doing your homework before you buy is crucial.
Look for a company with a solid financial picture and that has been in business for at least the past five years — the longer the better in most cases. A proven track record of actually providing policyholders with coverage is an essential thing to look for in a company.
Check the conditions that must be met before benefits are paid out. Be sure that you understand what is required before they consider you in need of long-term care. You do not want a narrow set of guidelines — the broader the better.
Look for a policy that will adequately cover your costs when the time comes. Check any deductibles and any exclusions from coverage before deciding on a policy.
Be forthcoming about any and all medical conditions on the application. Failing to mention even something that seems insignificant on your application can be cause for a denial of coverage down the road.