Health Insurance
Health insurance coverage has become a concern for many Americans. One emerging issue is long-term health care coverage which pays for nursing home, home health care and other services for seniors or people with disabling conditions. Most long-term care coverage is not picked up by employers or by Medicare, the federal health insurance program for the elderly and disabled. Here are five tips when considering long-term care insurance:
Buy at the right time.
Don't buy coverage after you become ill. The best time to consider long-term
care insurance is when you're in your mid-50s or 60s.
Don't buy more than you need.
Premiums for long-term care shouldn't consume more than 5 to 7 percent of
your income.
Know your benefits.
Read your policy carefully. Make sure that the benefits it offers are
comparable to the going rate for care in your area.
Watch definitions.
Be sure you fully understand the terms of your health insurance policy.
Ask for definitions of key words like "dependent." Also, be sure that the policy covers victims
of Alzheimer's Disease.
Inflation protection.
Many policies offer inflation indexing. You'll need this feature in order to
keep pace with inflation.
Do your homework.
Be sure you understand your policy's coverage and its contract before you
sign.
You can make insurance the least of your worries if you learn more about your insurance coverage today.