What to Look for When You Buy a Long-Term-Care Policy

A few key decisions you make when you buy a long-term-care policy can make a big difference when it comes time to file an insurance claim.

Kimberly Lankford's avatar
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Ask about claims-paying history.

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Study the details of your policy. Find out what type of caregivers are covered and how the waiting period is calculated.

Update your policy. Some of the biggest problems stem from old policies that have out-of-date requirements for triggering benefits -- for example, requiring a three-day hospital stay before benefits kick in. Insurers sometimes let policyholders update their policies as new provisions come out regardless of their current health.

Kimberly Lankford
Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.