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

By Kimberly Lankford

published 12 September 2009

in Features

Ask about claims-paying history.

Check a company's financial strength.

our insurance page

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

https://cdn.mos.cms.futurecdn.net/hwgJ7osrMtUWhk5koeVme7-200-80.png

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

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 Some of the biggest problems stem from old policies that have out-of-date requirements for triggering benefits -- for example, requiring a three-day hospital stay before benefits kick in.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.

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.