...Long Term Care Insurance...

1. Use a long term care insurance coverage-development specialist such as an independent consulting broker or the long term care insurance Buyer's Advocate.

2. Determine what care setting will be most appropriate. Home care may not be appropriate unless family members are ready, willing and able to oversee 24-hour caregiving in the home. Think about it...

3. Fix a daily benefit amount. Consider a co-pay arrangement to cut down on your premium expense.

4. Seriously consider 5% Compound Inflation Protection, especially if you are under 75 years of age. It costs more, but it is more than worth the additional expense in the long run.

5. Perhaps you can get by with a less than Unlimited Lifetime benefit period, at least for one of the spouses. This can reduce your premium expenses.

6. Fix your deductible Elimination Period to match your "emergency" nest egg. At $130 per day, a $12,000 nest egg could carry you for 3 months at today's prices. Most folks elect the 90 or 100 day Elimination Period to reduce premium expense. Make sure you keep that emergency nest egg funded, though!

With long term care insurance, one plan does not fit all cases. Develop your coverage wisely with the counsel of a professional long term care insurance specialist who can make sure your get what you need and nothing more. You don't need to over-insure...