WISER FACT SHEET - II

6. Is the maximum benefit period one year or more?

The benefit period can vary from one year to a lifetime. You may also be able to choose to have coverage for a maximum number of days or maximum amount of benefits paid. 

7. Is the deductible affordable and does the policy have a waiting period of 100 days or less?

The deductible period is also called the waiting or elimination period. Most policies require that you pay for needed care from your own money for a certain number of days before the policy starts to pay for the services.

8. Once approved for coverage, will the policy cover pre-existing conditions or limit coverage for certain conditions?

Some policies exclude preexisting conditions, or certain diseases like Alzheimer’s disease. Since Alzheimer’s is a major reason for nursing home admissions, make sure you know if your policy will cover you or your spouse if you develop Alzheimer’s disease. 

9. Will you be able to keep up on the premium payments?

Important provisions, such as inflation protection and non-forfeiture, increase the cost of the benefit but also increase the value of the policy.

10. Have you learned as much as you can about the insurance company?

Try to choose a company that will be financially sound in the future, has an excellent reputation, and has a strong customer service record. Ratings by independent companies such as Standard and Poor’s, Moody’s or A.M. Best are available at public libraries.