The older the individual covered, the higher the premium. Other long-term care policies, instead of being based on indemnity, pay daily benefit amounts to the insured rather than paying for actual charges. The benefit period you choose can range from one year to life. The longer the period, the higher the premium. Purchase at least three to five years of coverage, the average length of a nursing home stay.
Most policies cover skilled care, intermediate care, and custodial care at a nursing facility.
Home care may also be covered or offered as an extra. You may also be able to purchase coverage for adult day care, assisted living facilities, or hospices. This period constitutes the number of days the insured must wait after becoming eligible for benefits before coverage actually begins. The elimination period generally ranges from zero to 90 days, but can go up to one year. The longer the elimination period, the lower the premium.