Learn How to Choose the Best Long-Term Care Insurance Policy

Nevertheless, it’s a big investment, so you should be sure the policy you pick safeguards you adequately without breaking the bank. Look back at the first article in this series and check out the free long-term care insurance assessment tool (opens in a new tab) on our website to learn more about the costs of care in your area and the cost of insurance. These resources will help you evaluate the financial aspect of your decision and establish your goals.


Discuss your options and your family’s opinions as you make decisions. The finest and most practical method to plan for the care you want is to discuss it with your loved ones and hear their suggestions.

It’s important to talk to your loved ones about your plans since they’ll learn more about your wishes and the type of coverage that’s in place to help if something happens to you.

2. What should I look for in a policy for long-term care?

Now that you know what you want, you can begin your search for insurance. Traditional policies and hybrid policies are the two most common in the current insurance market. The advantages they offer for long-term care are comparable.

You’ll have to look into the supplementary functions of each product if you want to understand the variations between them. You can compare traditional long-term care insurance to other types of insurance, such as a car or house.


To maintain coverage, you pay a monthly or annual premium, and you receive benefits only when you actually use them. To put it simply, your premiums are not refundable if you never use the coverage.

Assuming you don’t wind up needing long-term care, the higher premium and longer payment period can be difficult to square with the costs of the policy. Furthermore, the premiums aren’t locked in and may rise in the future.

Traditional insurance offers the advantage of having cheaper starting premiums than alternative plans. Long-term care insurance policyholders may also be eligible for state partnership programs that shield more of their wealth from Medicaid’s asset-and-income-capture rules.

In order to mitigate some of the potential downsides associated with a standard policy, hybrid plans combine life insurance with long-term care insurance. There is no need to worry about whether or not you will have the financial means to continue paying premiums 20 or 30 years from now if you purchase a hybrid coverage and pay for it all at once or over a certain period of time, such as ten years.