Avoid policies that require you to meet the elimination period each time you need care, and look for one that waives your premiums once you start receiving benefits. When people buy three years of LTCI coverage, for example, many believe they can only draw benefits for three years. What it actually means is that you can draw benefits until three years' worth of the maximum daily benefit has been used up. When you select three or five years of coverage, it's really just a multiplier for figuring out your maximum lifetime benefit. But face it, that can get mighty expensive, and it's not a choice most people can afford.
Prices can vary widely.
Trimming Premiums Investigate discounts for married couples and for individuals in above- average health. This rider is expensive and unnecessary if you determine your ability upfront to pay the premiums each year before committing yourself to the purchase. Integrated LTCI policies are becoming increasingly popular because many people like the idea of choosing where they can receive care and having the option of remaining at home as long as possible. By 1995, the statistics had reversed. But integrated insurance policies are more expensive than those that just cover nursing homes.