Find out how much these costs are in your area to choose a realistic benefit amount. You also need to choose a benefit period. Some policies will run for the rest of your life. Most nursing home stays are short, but some stays can last for several years. Generally, a policy covering 2 or 3 years is most cost-effective.
All policies have a maximum limit to the benefits.
Some policies state nursing home limits by number of days, months or years and home-care coverage by a certain number of visits or hours of care. Other policies state their limit by dollar amount. Purchasers should buy the maximum length of benefits they can afford. Most policies will not provide the full amount of the actual charges for care and the policyholder will be responsible to pay the difference. Inflation Protection Benefits lose value over time due to inflation and the rising costs of health care.