How to compare long-term care insurance policies
Two quotes that look similar on the premium can be very different policies. Here is what to write down for each one you're considering, and the questions worth asking before you sign anything.
Long-term care policies are not a commodity — the same monthly premium can buy very different protection depending on how the policy defines its benefit, counts its waiting period, and handles future rate increases. Comparing quotes on price alone is the single most common mistake people make. Use the worksheet below for every policy you're seriously considering, then compare the filled-in rows side by side.
The worksheet: what to write down for each policy
| What to check | Why it matters |
|---|---|
| Company & financial-strength rating | You may hold this policy for decades — the company needs to still be paying claims when you need it. See how to check an insurer's rating. |
| Daily or monthly benefit amount | The most you're paid per day/month of covered care — compare it to actual care costs where you live. |
| Benefit period & total benefit pool | How long the policy pays, and the total dollars available (daily benefit × benefit period). |
| Elimination period & how it's counted | The waiting period before benefits start — and whether it counts every calendar day or only paid-care days, which can matter a great deal. |
| Inflation protection | Simple or compound, and at what rate — this determines whether your benefit keeps up with rising care costs. |
| Benefit triggers, in the actual wording | Does it count stand-by assistance, or only hands-on help? Ask to see the exact policy language, not just a summary. |
| Premium — with and without options | Get the price for the base policy and for each optional rider separately, so you know what you're actually paying for. |
| Guaranteed renewable & rate-increase history | Almost all policies are guaranteed renewable, but premiums can still rise for an entire class of policyholders. Ask the company for its rate-increase history. |
| Nonforfeiture option | What you'd keep if you ever had to stop paying — some benefit remains only if you added this option. |
| Discounts you qualify for | Spousal/partner, preferred-health, and group discounts can meaningfully change the price — see available discounts. |
Questions to ask before you sign
- Ask for the outline of coverage in writing and read it — it summarizes the policy's real benefits and limits, in a standard format that makes policies easier to compare.
- Ask about the company's premium-increase history on this specific policy series, not just its overall reputation.
- Confirm your state's "free-look" period — almost every state gives you a window (commonly 30 days) after delivery to cancel for a full refund if the policy isn't what you expected.
- Check that the company and agent are licensed in your state before you pay anything.
- Never pay in cash. Use a check, bank draft, or card made payable to the insurance company, so there's a clear record.
- Get everything in writing — a verbal promise about a future rate or benefit is not enforceable if it isn't in the policy.
General information only. This is educational and not insurance, legal, tax, or financial advice. Policy terms and rules vary by carrier and state — confirm the specifics of any policy you're considering with the carrier and a licensed professional.
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The Smart Shopper's Comparison Guide — A practical worksheet and checklist for comparing long-term care insurance quotes side by side, so you buy the right policy instead of just the cheapest one.
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