Things to Consider About Long Term Care

♦ Don’t wait until a health issue develops and makes it difficult to qualify for coverage.

♦ Medicare and other typical medical insurance plans don’t cover Long Term Care services.
This is because 95% of Long Term Care services are mostly custodial aid, not medical.

♦ Disability insurance only protects a percentage of lost wages, but not Long Term Care services.

♦ Getting a Long-Term Care policy at a younger age means you will lock in at lower premiums.
Premiums become more expensive as you age and long term care costs have grown faster than inflation.

♦ Long Term Care insurance will protect your assets and allow you to keep your same standard of living.

♦ Once you purchase a Long Term Care policy, talk to your family and make sure they understand it.
Make copies of the coverage sheet and get it to those people who will help make decisions on your behalf.

♦ Don’t over-analyze and wait too long.   Buy a policy now and set a deadline for yourself to try to find a better one, maybe before your next birthday.  The biggest risk you run is that your health changes before you make a decision.  In most cases, there aren’t any penalties for canceling a policy, and you will likely be refunded the unearned premiums.  Check the policy before you buy.

♦ It is common for children to buy a policy for their parents if the parents can’t afford it.  This reduces the burden on the children later and their parent’s estate will be intact.text block. Click edit button to change this text.