What Other Options Can I Get With My Policy?
Long-term care insurance, unlike many other types of insurance, is a fairly straightforward insurance product. While long-term care policies have additional options you can get, just like most other insurance, you may or may not need anything added onto the basic coverage. In any case, additional options to your policy will be quite limited.
Having said that, one of the biggest issues with long-term care insurance is making sure that benefit's are available when you need them. Some policies have limitations on when you can restart benefit's after having stopped them.
Lets look at an example. You have been in a serious car accident. Your doctor tells you that you will need to be off work for 18 months to two years in order to fully recover. In that time, you will only regain your ability to care for yourself slowly. Some aspects of your recovery could be partial. Your spouse works, and you'll need that income to cover your finances. Who will work with you at home? Who will make sure you make it to physiotherapy? Who will help you to continue therapy at home?This is where long-term care comes in. You can hire an appropriate support person who will be able to meet your needs while your family and friends are at work. You can have them at your home for as long as you need them. And the costs are paid.
As a result, one option that you might consider getting on your policy is a clause that ensures that benefit's can be restored later, if needed. Lets say that you ended up needing care again. Perhaps you suffered a re-injury. Youd want your long-term care insurance to kick back in, right? If so, you want to ensure benefit's. This feature will put benefit's back in place, as long as you have recovered for a specified period of time. Typically, you need to have been without benefit's for 6 months before they can resume.
One other option to consider is non-forfeiture benefit's. If you are seriously ill, the likelihood that you might miss a payment on your policy is fairly high. Non-forfeiture will return a portion of premiums that you paid, or keep a lesser amount of insurance in force if you happen to let the policy lapse accidentally. Your best bet is to keep insurance in force. Note that in some states, this provision is mandated and the cost of it is already factored into your premiums. If you buy it as an extra, you will have to expect to pay more than you would without it.