How to Compare LTC Policies

When considering the purchase of a long-term care policy, it is important to consider the factors that will affect your standard of living if you end up at a nursing home or long-term care facility.

Inflation

• Compare the increase of benefits in relation to future inflation rates. You will want your benefits to increase as inflation does, so pick the most in-depth policy you can afford to ensure enough coverage for the future when care will cost more.

ADLs

• Look over the many activities of daily living, or ADLs. The more the better as the policy will cover services that help with activities such as bathing. Check the minimum standards and where additional help may be needed in relation to your care.

Nursing Home Rates

• Check your local area for current nursing home rates. You want to make sure the policy you choose has enough benefits to cover today's costs. Combined with a inflation-rate increase every year, you should be fully covered when you need to use the policy.