Have you addressed these long term care insurance questions?

It doesn’t matter if you have yet to purchase long term care insurance or already have a policy in place, there is a good chance you will have questions on your mind. If you neglect to answer these questions, it could pose a variety of challenges in the future.

Fortunately, there is no question too difficult to answer. Here are a few that you may need to address:

— What do you get when you purchase a long term care insurance policy?

— Are you likely to require long term care in the future?

— What types of expenses does long term care insurance cover?

— What is the process of making a claim?

— What is the average cost of a long term care insurance policy?

— What is and is not covered by this type of policy?

— What are the types of things to look for in a long term care insurance company?

— What do you need to do if you want to switch policies?

— What is the tax impact of long term care insurance?

— What happens if your long term care insurance claim is denied?

Some of these questions are easy to answer. Others may require a bit more attention to detail, including a focus on your particular policy and/or the goals you have set for yourself.

When you collect the right information in regards to long term care insurance, it is easier to understand your situation. This ensures that you get what you are paying for in regards to your policy.

Source: Genworth, “Guide to Long-Term Care Insurance,” accessed June 06, 2016