Questions to ask before going for the long term care

The decision to send your loved ones in the long term care is not a small thing and should be handled with care. There are a number of things to be considered from the variety of options available. You should never purchase any policy without being informed about it otherwise it can prove to be quite a costly affair. Before you finalise on any scheme or investment plan, make sure you follow these simple guidelines:

• Look for all the available options around you. Very extensively. Talk to different companies and compare the benefits and services that are included in their facilities. Never go for a policy simply because it is least expensive, you should cover all the coverage carefully. Ask all the agents to explain all the policies in detail and an outline summary of all the plans. Don’t fall under the trap of agents who say that a particular offer is only for one time.

• Make sure whatever you have been told is also present in writing. The policy and the terms and conditions should cover all the instructions and minor details.

• If there is something that you do not understand by the policy, feel free to ask the agents right away. Continue asking till the time you do not understand it completely.

• Does the long term care advice have inflation protection? How is the protection calculated? It should be calculated by the compound interest method and not simple interest.

• Does the long term care policy include death benefits and other non forfeiture benefits? They are nice to have.  

• Who gets to decide when will you be eligible to the benefits? All companies have different strategies to pay the benefits. For instance a doctor’s order, others include the abilities of the policy holder like bathing, changing, feeding themselves.

• Will the policy examine the mental functions when deciding the eligibility?

• Does the policy in order to fulfil its requirements, a ‘one on one continual assistance’

• Have you replied to all the medical questions put forward to you genuinely? Some companies even ask a statement from your doctor regarding your medical condition, so that the company is sure that you are a good risk! This is one of the best long term care advices possible.  Irrespective of what your agent says, you should always disclose all your medical history honestly. If you do not remember all the details, refer to the doctor and take down any points that you might be forgetting.