As with any insurance policy, there are several types of features that you will want to consider.  Additional features (such as those listed below) will likely increase your premium (the amount you pay for the policy) because you are selecting expanded coverage or benefits.  Additional features you may want to look for when evaluating potential policies include:

Comprehensive coverage.  Because it is unlikely that you know right now exactly where you will want to receive your long-term care if and when the time comes, it’s best to look for a policy that will cover long-term care services provided in all potential settings – in-home, in senior community centers, in an assisted-living facility or in a nursing home.

Inflation protection.  As high as the cost can seem today for long-term care services, that amount will likely only increase with inflation by the time you need to use your policy.  Assuming a 5% rate of inflation, services that may cost $130 today will cost $260 in 14 years.  Inflation protection will adjust your benefit to keep pace with inflation over the length of the policy at no increase to your premium.

Nurse care advisors.  Some plans offer eligible policyholders access to licensed registered nurses (RNs) for medical consultation and advice at anytime.

International coverage.  If you maintain a residence outside the U.S. or are considering that possibility in the future, look for a plan that offers coverage for long-term care services outside of the U.S. 

Returned earned contribution feature.  Some policies offer a feature that will reimburse all or a portion of your premiums if you do not use any or very little of your benefits while your policy is in effect.  Most policies will deduct the amount of claims paid before premiums are returned to the policyholder.

Nonforfeiture.  Some policies will continue to extend partial coverage for a specified period of time to policyholders who pay their premium for a minimum amount of time (i.e. 2 or 3 years) and then cease making premium payments.  The amount of coverage allowed depends on the amount of premiums paid when the policy lapses. 

Joint benefit features.  Some insurance policy providers will allow spousal policyholders special benefits such as waiving the premium for both policyholders if one becomes benefit-eligible, sharing each other’s benefit amounts or paying off the premium of a surviving spouse for the life of his/her coverage in the event of a spouse’s death.  

Accelerated payment features.  Some policies will allow policyholders to prepay their premiums ahead of time or reduce or even cease having to make premium payments once they have been a policyholder for a set period of time and reached a specified age.