Take a close look at the paperwork while you’re looking at assisted living insurance policies to make sure that you or your loved one will be well-taken care of and that you can be sure that you’re spending your money wisely. There are a few essential details in particular that you’ll want to pay close attention to with assisted living insurance programs. Specifically, you’ll want to take a close look at the coverage restrictions and the payouts.
Make sure that there aren’t any loopholes in the assisted living insurance policy that might allow for rate hikes. If there are, ask your insurance agent about the steps that you can take to prevent this from happening. It’s best if your monthly premiums are five percent or less than your total monthly income in order for it to be considered a good investment.
Assisted living insurance programswill also have a daily benefit and a maximum benefit period that you’ll want to look over. Look to see if the amount of the benefit will go up with inflation and if that will have any part to play on the cost of your premiums.
What is excluded and covered on your insurance program? What will you be covered for when it comes to hospice, home care, memory care and housekeeping assistance? Check to see if your policy will reimburse you only for actual expenses or if you’ll only be given money to use however you see fit.
Don’t hesitate to ask your insurance agent about any questions that you might have or any parts of your plan that you don’t understand. Being clear about your coverage is being clear about your future or the future of your loved one.