That’s particularly a problem if the policy is purchased when the buyer is young. The younger the client, the better the odds of being healthy enough to qualify—and to lock in lower rates. Yet by the time the client might actually need benefits, the benefit dollars won’t go as far because of inflation. Look for a strong inflation-protection rider, he says.
It’s also smart to understand what sorts of situations qualify for benefits. “Look at the policy benefit language for getting a claim approved,” advises Schindler. “Is the policy stating permanent chronic condition,” as opposed to a short-term infirmity such as a broken hip?
Some policies are “much more flexible than others,” he says, depending on whether they cover privately hired in-home health aides or just institutional care, and whether they reimburse for expenses or pay providers directly. “Be careful what you buy,” says Schindler.