If you can afford long term care insurance, compare policy offerings and consider:
• What are the policy's limitations on home care?
• Does the policy pay family members for care giving?
• Does the policy pay for 24 hour a day home care? (most do not)
• What does it take to get the Policy pay benefits?
• How many months or days of care will the policy pay for?
• What is the daily benefit amount paid for care?
• Does the policy satisfy the MassHealth/Medicaid Regulation 130 CMR 515.011(B) exception to the estate recovery? Subsection (3) indicates the long term care policy must meet the requirements of 130 CMR 515.014 (benefit coverage of at least 730 days in nursing home (130 CMR 515.014(A)(3)) on the date of admission. You must have the full 730 days minimum coverage when "you enter a nursing home" to qualify for the estate recovery exemption.
Does the policy comply with the Division of Insurance notice and disclosure regulations? 211 CMR 65.09(1)(e)(2).
For More Information on the significance of this, and more information on Long Term Care Insurance, Click to Read A Special Continuing Education OUtline Prepared by Attorney Roberts: Is Long Term Care Insurance the Wave of the Future? A Comparison of Connecticut and Massachusetts LTC Insurance Plans.