The companies would rather decline your business than assume a bad risk. Premiums will resume when the patient leaves the nursing home. The typical waiver of premium feature will take effect after 90 days of a covered confinement. Due to inflation, a policy that pays a flat amount, without a provision for increase will not be sufficient to cover the same portion of the cost in 10 years. Inflation adjustments can be helpful but will cause the premiums to be higher.
Some policies cover medications, x-rays, and physical exams while in the nursing home.
Some policies also cover such extras as hospice, co-payments, some ambulance charges, adult day care and home health care services. Choosing a Long Term Care Insurance Policy Long Term Care Insurance Policy Comparison Form Also included on this web site is a simple form designed to help you sort through the complexities of comparing up to three Long Term Care Insurance policies, and help you to determine the best policy for your needs. The form is in Microsoft Word format and can be loaded down and printed on your computer if you have Microsoft Word. Once the reason for long-term care insurance is ascertained, then it is important to be careful to select features which are appropriate for you. Remember that nursing home costs will increase in future years.