Two very important riders you may want to consider including in your long term care insurance policy are the waiver of premium rider and an inflation rider. By adding a waiver of premium rider; the policy will continue to pay benefits even if you stop making the premium payments. The inflation rider will protect your premiums from wild swings due to inflation. Again, both riders can be very important to you in the future, so review both of these options with your agent.
At the time you purchase your long term care policy, you will need to decide upon the benefit amount. This amount will be what the insurance company agrees to pay the long term care provider while you are covered on the policy. If the actual daily or monthly amount is more than your policy benefit amount, you will have to make up that difference out of your own pocket.
Be sure to ask your agent the following: • If pre-existing medical conditions are covered at the time the policy takes effect? • Is there more than one deductible for the life of the policy? • Are you allowed to downgrade your coverages in the future if the premiums become unaffordable? Your insurance agent knows a what good health insurance policy will cover and what a good long term care insurance plan will cover, just ask your agent.