Consider These Factors When Selecting Insurance

Colorado residents often qualify for insurance that may be used for nursing home expenses. But there are several factors you should consider before buying such insurance:

1. It’s better to buy when you are younger. This will mean lower premiums.
2. Consider in-home health care insurance. You can use this for the three-year period during which you may not qualify for Medicaid to pay your nursing home expense due to a prohibited transfer to a spouse or other relative.
3. Beware of partial coverage. Insurance that pays only a portion of your daily nursing home expense will be enough to disqualify you for Medicaid nursing home care coverage. If you cannot afford the remainder of the daily cost of the nursing home, such insurance may be a waste of money.
4. Consider the A.M. Best rating of the insurance company. It should be AA or better. Be sure that a salesperson is not offering you a subsidiary or an affiliate of a highly rated company. The subsidiary or affiliate itself must have a high rating to give you protection.
5. Consider cost-of-living increases. This will cost a higher premium. But it protects you if the cost of the nursing home has increased by the time you actually need to use the policy.