Benefit Amount: $180 per day.Currently that's what it costs in the Washington D.C. area for a semi-private room in a nursing facility. 

Choose a lower amount if you would like to self-insure.

Choose a higher amount in place of the Inflation Protection option (especially those who are over age 70).

Elimination Period: 0 days. The first question is... "Do you have sufficient savings to justify a higher elimination period". For example... if you were to choose a 100 day elimination period with a $150 daily benefit, you're electing to pay the first $15,000 out of your savings. 

The second question is..."does the difference in premium merit taking the risk of a longer elimination period?" You may save about 10%-20% in premium with a higher elimination period, but how many years will it take to offset the $15,000 you would have to pay out of your pocket?  Everybody's situation is different.  For most, the '0 day' elimination period makes economic sense.

Benefit Period: 3 years (at least). Currently, the average stay in a nursing home is about 2 1/2 years. You may want to consider a longer benefit period if family longevity is on your side.

Home Health Care: Definitely. Not only are you more likely to use Home Health Care (only some 15% of all LTC is received in a nursing facility) --it's more desirable to receive your care at home (if feasible). There's a bonus here too... if one could be cared for at home, this could delay or possibly eliminate the need to enter a nursing home.

Inflation Protection: Yes and No... "Yes" for those under age 70.  "Probably not" for those over age 70-- in this case a higher daily benefit may be a better choice (i.e. $180-$200/day).

Is Inflation Protection important?  In the Washington area, long term care costs run about $50,000 per year. If we experience just 5% inflation in the coming years, the chart below shows how costs can escalate in the future.....