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The Secrets To Purchasing A Long-Term Care Policy

Picture from 1) What's My Premium Cost? at www.morganfinancialservices.net

It’s never too early to plan your future, especially when it comes to making sure that you are prepared in case of an unforeseen medical issue. Long-term care insurance can help provide financial security in your retirement years by offering benefits such as nursing home coverage and adult daycare services. But how do you know what features are essential?

The experts at Morgan Financial Services in Monmouth, NJ, have compiled a list of five things to consider when purchasing a long-term care policy so you can make the right call for your individual needs.

1) What’s My Premium Cost?

The premiums you will pay for a long-term care policy depend on your age, health, and the right level of coverage for you. Before choosing a policy, you need to determine how much you can afford.

2) How much Coverage Am I Getting for this Price?

You need to decide how much coverage is enough. Decide whether you would like the policy to cover specific services or provide a certain dollar amount of benefits for each day you are in a nursing home, assisted living facility, etc.

Remember that long-term care policies limit how many days they will pay out benefits or daily benefit level per year. You do not want to purchase more coverage than your budget can handle!

Ensure there is an easy way for people who reside closest to where you live now (family members) and work (employees) to know where the necessary documents are. This means there won’t be any complications if something unfortunate happens while away from home/work.

3) Is there a Pre-existing Condition Clause?

Some policies will not cover any medical conditions that existed before the date of purchase.

Additionally, remember these tips:

· The policy should allow you and your family ample time to review all aspects of insurance coverage before it becomes effective.

· You can add inflation protection in later years when needed so long as you pay the additional premium for this service.

· It’s essential to do thorough research on companies/agents selling long-term care policies and be sure they have a good record with their state regulators.

4) The Waiting Period before Benefits Begin

A long-term care policy can either have a “zero” or “benefit begins after the first 30 days of confinement.”

The waiting period before the start of the benefits is also called an elimination (or expense) period. This feature helps to keep premiums lower for people who need coverage only temporarily, such as those recovering from surgery.

If you opt for life care, the waiting period should be until you plan to retire.

The underwriter will ask about your current health and any medical conditions you’ve been treated for. Be prepared to answer these questions honestly so that you can get an accurate quote.

Morgan Financial Services is a reliable insurance partner for residents of Monmouth, NJ, offering users long-term care and other exciting services. We’re an independent family-owned business that understands the value of taking care of the senior members of society. Get a quote from our team now!