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Vermont Long Term Care Insurance Policy

Getting the right Vermont long term care insurance policy is critical to protecting your finances and your assets from the expenses associated with long term care. It isn't pleasant to think bout the effects of aging, but it is a fact of life. It may become necessary to receive long term care at some point. This doesn't come cheap, so you need a good Vermont long term care insurance policy in place to protect you.

Vermont Long Term Care Insurance Benefits

When examining your Vermont long term care insurance policy you will want to pay attention to two numbers. These are the daily benefit and the benefit period. The daily benefit is the amount your policy will pay per day for long term care services. You will want to set this number according to the cost of long term care in your area. In Vermont, the average cost of a nursing home room is just over $200 per day.

The benefit period is the length of time that your policy will pay for its portion of your long term care. Most policies have benefit periods between two and five years. Women require long term care for an average of 3.7 years and the average for men is 2.2 years.

Vermont Long Term Care Insurance Benefit Triggers

It is necessary to know just what triggers your Vermont long term care policy into action. You must be unable to perform without aid specific activities of daily living. These include dressing yourself, eating, going to the toilet, moving around, bathing, and maintaining continence. Most policies will become effective if you are unable to perform two of these activities of daily living.

You should also be aware of the elimination period. This is essentially a deductible. Once your policy has been triggered by the inability to perform the daily activities listed and you have begun to receive long term care, there will be a specific number of days in which you will have to pay for the long term care. Once this period (the elimination period) has passed, your policy will begin to pay according to the terms of the policy. Most policies have an elimination period of 60 to 90 days. You can, for an extra premium, reduce this to 30 or even 20 days.

Vermont Long Term Care Insurance Items Covered

One question you will surely want answered is what items are covered by your Vermont long term care insurance policy. This will depend greatly on the company you choose and the specific policy you purchase. Most long term care insurance policies will pay for long term care in the following residencies and possibly provide the following equipment.

Adult day care
Assisted living facility
Durable medical equipment (ramps, walkers, wheelchairs)
Home care
Nursing home

Do not purchase a policy that does not pay for the above expenses. They are the foundations of long term care and where virtually all of your expenses will come from.

Vermont Long Term Care Insurance: Other Things to Consider

There are a few other things you should seriously consider when evaluating your policy. Make sure to take special note of the following.

Facility qualifications: Some policies require facilities to meet certain standards before they will be approved for payment. This will help you to find quality long term care.

Guaranteed renewable policy: Allows you to continually renew your policy regardless of your health or age. This is important especially if you have inflation protection and locked in rates.

Inflation protection: Increases the daily benefit each year to take into account the rising cost of long term care services.

Locked-in rates: Prevents rates from rising because you age and become a higher risk for long term care.

Riders: Any addition to the policy that changes the terms or adds to the terms of the policy. Inflation protection is a rider.