Whether it is a religious or personal choice of preference, some people do not like to apply for health insurance where a physical or medical examination is involved. The same can be applied to long-term care insurance because some people do not know when it is the right time to apply for insurance, or what is the best quote to obtain. You have a wide range of care options and benefits to choose from when it comes to buying long-term care insurance so make the right choice. You do not have to pick a policy where a medical exam is required. Some companies offer no medical exam policies when buying insurance.
Here are some of the most common mistakes you should try to avoid when deciding to buy long care insurance:
1. Thinking that most or all insurance companies require a medical or physical examination along with a submitted application before you can apply for long care coverage-
The reality is that some people are afraid of needles so they look for policies without exams. You may have a religious or personal reason as well so try to find the type of long-term care policy to buy from.
2. Relying on average benefit amounts-
Consider how big of a daily benefit you need. Do not buy more coverage than you actually need on a daily basis, and be careful with rising average costs.
3. Skimping on the waiting period-
You may be able to lower your premiums by choosing a longer waiting period before your benefits kick in. If you wait too long of a waiting period, the daily bills cost will be much higher than before when you consider the future cost of long-term care.
4. Picking the wrong type of inflation protection-
The best inflation protection automatically increases your interest and benefits annually, with the rising cost of care. While these policies often double the cost of coverage, your premiums continue to remain the same and your benefits keep increasing as well.
Future policies will require no medical screening, at least when they start off costing only half as much as policies that automatically increase your benefit amounts. However, these policies soon end up being expensive because of the increased benefits when you are priced at your age. You can choose not to carry out future care options, but then you have to make up for the loss of benefits or savings.
5. Assuming group coverage is the best deal-
Just because you work for a big employer does not mean that you are always getting a good special deal when buying term care insurance. Your employer may not even be able to help you find a policy that requires no medical or physical examination. As a matter of fact, group coverage usually costs married couples that do not want medical examinations more than if they bought individual policies with the same coverages. So if you have health issues or good health, then consider individual policies first to see whether you are offered a much bigger discount.