A comprehensive Long Term Care Insurance Policy will offer Nursing Home Care, Assisted Living, Adult Day Care, and Home Care benefits.  Each company will have their own nuances to attract customers. For instance, some companies design their plans with large discounts for married couples or committed partners and offer preferred health discounts.  In fact, there is a way to save up to 65% off the regular price if you qualify for all the discounts offered.  Many companies are still offering Nursing Home/Assisted Living only policies, but many have eliminated the Home Care only type policy (some still offer this).

Typical features of a good Long Term Care Insurance Policy include:

1. Respite Care.   This is defined as giving the primary caregiver a break. For example, if a family is going on vacation, or just away for the weekend, caregivers can be hired to look after the aging adult while they are away. Some policies offer this for up to 21-30 days per year or more.
2. Bed Reservation.  If a client is in a nursing home, but wants to go home for the weekend, or go on vacation, or needs a brief hospitalization, the policy will pay for their nursing home bed in their absence for around 50 days per year.
3. Equipment and Home Modification.  Some companies will pay a certain amount for wheelchair ramps, hospital beds, or other modifications that will allow the client to remain in their home for a longer period of time.
4. Rehabilitation and Other Care and Services Benefits.  If a physician or other health care professional, and the insurance company agree, they may pay for other services that are not outlined in the contract. For instance, if “Life Line” (I have fallen and I can’t get up) is a needed or beneficial service, the policy might pay for the installation and monthly fee. Other examples may include a medication dispenser, meals on wheels, medical alert bracelets, or other new technologies that keep people safe and at home for longer periods of time.
5. Hospice Care.  Hospice Care- or end of life care is often a standard benefit. This service can be implemented in the home or in a nursing home type setting. Usually the client has six months or less to live, and this has been certified by a physician.
6. Care Coordination Benefit.  Most policies today have a care coordination benefit. Different companies have different approaches. Many LTC Insurers will contract out with local nurses or social workers to design a plan of care to meet the standards set forth by the client’s doctor.  He or she will make recommendations, and assist the family with setting up care in the home or with nursing home or assisted living placement.  Care coordinators are responsible for establishing the plan of care necessary for the client to receive the needed service at the appropriate level.  Services can include physical, speech, and occupational therapy, various levels of nursing care, home health aides, and homemaker and chore services.
   
   Some companies will handle this via an assigned care coordinator on the other end of a 1-800 number. It is most beneficial to have someone local, who is familiar with the community to assist in this process. The care coordinator is not to be misconstrued as a “Gatekeeper”. Some long-term care insurance companies require the use of a home health agency (which adds about 30% more to the cost of home care).  Others allow the care manager to be independent, and provide the client the freedom to make the choice if desired.  In either case, care coordinators help the family find care quickly and cost effectively.
7. Caregiver Training.  Some policies will pay for a health care professional to come to the home and teach the family members how to properly care for the aging adult. Some things they may need to learn include how to operate certain equipment, transferring the client safely from bed to chair etc, proper hygiene, avoiding pressure sores, and other issues would be addressed.
8. Elimination Period.    The elimination period is similar to a deductible amount that is a provision in automobile or medical insurance.  However, in a long-term care policy, the elimination period is not determined by a set dollar amount; it is a specified period of time after filing a claim that the client will have to wait until the policy begins to pay for care.  The elimination period can range anywhere from 0 days to 365 days.  The longer the elimination period, the lower the premium.
   
   For people over the age of 65, Medicare may pay for some of the cost of long-term care up to a limit of 100 days.  So when determining the elimination period, clients sometimes bet on Medicare covering some of the costs incurred.  However, it is important that each person understand clearly the benefits and limitations of Medicare, so he or she can make an informed choice regarding the elimination period. 
9. 30 Day Free Look.  In most states, clients have the opportunity for a 30-day free look once their policy has been delivered to them. At that time they can cancel their coverage with a full refund of any paid premiums (this is the law), and they can usually upgrade or add benefits during that time without going through the underwriting process again.