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Nevada Long Term Care Insurance: Things to Know Before Purchasing

Medicare Supplemental & Long Term Care Insurance

Updated on Jun 21, 2013

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So you’ve decided to protect yourself from expensive Nevada long term care costs and take control of your healthcare and buy a long term care insurance Nevada policy. However, before you make that move and commit to a plan, make sure you’ve checked these things on the Nevada long term care insurance quote that was given to you by your agent.

What’s Your Coverage?

When buying a policy, make sure you are fully covered for both facility-based care such as in a nursing home, assisted living facility, and adult day care center, and for in-home care services. Most Nevada residents today prefer to receive care at home and around family members since this makes it easier for them to cope with their illness or disability and help them get better or heal faster. If you are like most Nevada families, then you would want to have coverage for in-home care as well.

There are some insurance companies that do not offer 100 percent coverage for in-home care, so if you see this in your quote, ask your agent to give you another one that can offer full coverage for in-home LTC services.

What’s Your Insurance Rider?

You may think that having hundreds of insurance riders in your policy will make your policy better. On the contrary, more riders will mean more expensive premiums for you, but not necessarily better plans. Keep your riders at a minimum and include one that is really important—inflation protection.

Inflation protection is an optional rider that will help your policy’s funds earn as the years go by. Through these earnings you can make sure that your policy’s pool of money would be able to fund expensive long term care services in the future. Without this rider, you risk not letting your money grow and therefore not having enough to cover higher prices for LTC services in the future.

What’s Your Premium Rate?

Buying a policy is a huge financial commitment. You pay your premiums for as long as you have to until you finally lay claim on it. So, when you buy, you have to make sure that the premium rate you're getting would be something that’s affordable for your way into the future. This means, managing your income and savings well so that you know you’ve allotted cash for your premiums.

Ask your LTC agent for ways how to lower your premium rates through adjusting your benefits, riders, and asking for all eligible discounts you can have. Also, remember to buy at a younger age, like maybe your mid-40s, so you can have better rates than when you buy at age 60.
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