Cost of Health Care
Long Term Care Insurance is designed to provide the needed financial resources to care for someone who cannot care for themselves. Thus the first question to ask is; what is the cost for the average American to be cared for by skilled professionals in either the home or an assisted living facility. After you have determined that, which will vary a great deal from state to state, you need to find a policy that will provide that amount to you. There has to be a relationship between the cost of the policy and the cost of the care being provided. Often consumers will shop for the lowest price, or premium, with out respect for the benefits being paid out. If the benefit amount, usually described as the daily benefit, is not enough to pay for the care in your area you will be faced with making up that short fall out of pocket. Here is some discussion on LTC premium cost and the merits of shopping on price.