Worksheet for Comparing Long Term Care Plans

Shopping for a long term care insurance policy can quickly become confusing and overwhelming. If you don't approach the process with an organized plan, you are likely to take the easy way and go with the product sold by the agent with the best sales pitch, or you may give up without buying a policy. Neither is a good choice.

The three worksheets below provide most, if not all, of the questions you should be asking regarding long term care. The worksheets also provide space to record the answers for all of the policies you may be considering, whether with the same company or with competing companies. This will provide you with a clear picture of the differences between the policies you are considering, which should make your decision easier. 

You may wish to modify this form and add questions of your own. The point is it does provide a useful starting point to help you make this very important decision.

Insurance company
Policy #1
Policy #2

1. Name of insurance

2. Is the company licensed in your state?

3. Name
of insurance agent

4. Is the agent properly licensed?

Insurance company financial ratings

(such as: A.M. Best; Moody’s;

Standard $ Poor’s; Weiss)

Levels of care covered by the policy

6. Does the policy provide benefits for these levels of care? a.
Skilled nursing care? ___________ ___________

b. Personal/Custodial care?
___________ ___________

(In many states, both level of care are required.)

7. Does the policy pay for any nursing home stay, no matter what level of care
you receive?

8. If not, what levels are not covered?

Where can you receive covered care?

9. Does the
policy pay for care in any licensed facility?

10. If not, what does it not pay

11. Does the policy provide home care benefits for:

a. Skilled nursing care?

b. Personal care given by home health

c. Homemaker services?

Other__________________ ?

12. Does the policy pay for care
received in:

a. Adult day care centers?

Assisted living facilities?

c. Other settings: _________________