Things to Ponder in Buying Long Term Care Insurance

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					Long term care insurance provides significant protection when the extent of disability
or mere frailty curbs a person 鈥檚 ability of performing daily activities. There are
number of pros and cons attached to long term care insurance; however, it is
reasonable to secure meaningful golden years rather than suffer the burdening costs of
LTC that can affect not just you but your family most of the time.
  There are lots of things you have to know before getting an LTCi. Here are some
important facts than can guide you through LTC insurance:
  Can Everyone Qualify for Long Term Care Insurance?
  Well, the answer is NO. Although insurance companies have different qualification
standards, most of these insurers accept only those who are reasonably healthy. The
following are circumstances that will most likely affect your policy or, worse, get
denied from obtaining a coverage: 鈥?If you currently use long term care services
鈥?If you have AIDS or other related sexually transmitted disease 鈥?If you have
existing or family history of mental and cognitive disorder such as Alzheimer 鈥檚 or
dementia 鈥?If you have had a stroke in the past 12 to 24 months or multiple
Transient Ischemic Attacks 鈥?If you have metastatic cancer
  Some health conditions will be evaluated by the insurer. There might be few
companies that allow coverage for people with the abovementioned medical
conditions, but they are rare and the premiums are much higher. Once you passed the
underwriting and qualified for coverage, your coverage cannot be forfeited or
cancelled unless the insurer decided to take necessary actions when triggered with the
policyholder 鈥檚 failure of paying overdue premiums.
  Special Features for Consumer Protection
  All long term care insurance policies must contain special features as set forth by the
state government to protect consumers. The following features shall apply in every
LTC policy: 鈥?The policy must be guaranteed renewable, which means the insurer
has no right to cancel a coverage for any reason, unless the policyholder stops paying
the premiums. 鈥?There must be 30 days of free look period that allows the
consumer to return the policy and get the full refund 鈥?You can authorize another
person to receive notice on payments due or missed so you won 鈥檛 skip any
payments 鈥?You are given 65 grace period to pay overdue premiums 鈥?If you
have skipped paying premiums due to disability, you may recover the coverage within
five months of the missed premium date 鈥?If you wish to leave your employer or an
association where a group policy is purchased, you can still continue the coverage
without changing the policy 鈥?A spouse that is insured under a group policy may
keep the coverage even after a divorce 鈥?Many states these days implement
stringent rules to prevent insurance companies from unreasonable rate increase to
protect consumers. The rate hikes must be approved by the State Department of
Insurance 鈥?You are entitled to reduce your coverage, without underwriting, if you
predict it will impossible for you to cope with your current premium cost

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