As open enrollment nears and companies review their employee benefit offerings, employers may want to consider the pros and cons of providing employees with access to long term care insurance. And, if you are an employee, you might consider reexamining this benefit if your company offers it.
Apples To Apples
Because the terms of long term care insurance can differ dramatically among policies, you will want to first decide which features are important. Start by choosing a daily benefit — a little is better than nothing. Also decide on the elimination period — the time between when care is needed and when benefits begin. The longer this period, the less expensive the policy typically is. Learn if the policy will pay for home, intermediate and nursing home care.
When you nail down the specifics you want in a policy, work with a financial professional to make the right comparisons.