Long Term Care Insurance

Why should I purchase Long Term Care Insurance?
Chances are you’ll live well into your 80s, your 90s and possibly even longer.

When you live a long life, the likelihood you’ll need long-term health care is greatly increased. Younger people may also need long term care as a result of accidents or illnesses.

Long-term health care is generally not covered by medical insurance, by Medicare supplement plans or group / employer insurance. For seniors on Medicare, the long-term care benefits are quite limited.

If you are thinking about long-term care insurance, here are the most important things to know:

1. You must health-qualify for long-term care insurance. Not everyone can. Because health changes, especially as you grow older, it’s smart to look into this well before you reach retirement age (your 50s are generally the best time to start).

2. Long-term care insurance can be far more affordable than most people think. Cost is an issue; so you need to know there are many ways to make this protection affordable.

3. Rates (Premiums) can vary significantly from one insurer to another. Each insurer has pricing “sweet spots” based on your age when applying. Available discounts and options can vary too. It’s a reason to work with someone with access to policies from multiple insurers.

4. Health qualifications can also vary from one insurer to another. If you’re in great health, don’t use tobacco products, take no medications — then every insurer will accept you. Each insurer sets their own health-qualifications and they change from time to time. Be prepared to share information with an insurance professional. You want them matching you with the company offering the best protection for the best price.

5. You’re only going to buy long-term care insurance once. Deciding to buy long-term care insurance is a financial and emotional decision. But, it’s different than buying car or home insurance, which people switch from time to time. It’s almost never economically advantageous to switch (primarily because costs are based on your age at application). Many people sell long-term care insurance. Make sure you work with someone who really knows this business. It will save you money and yield benefits for many years to come.

The Biggest Mistakes To Avoid?
Isn’t this our biggest fear when making a purchasing decision; making a mistake we’ll regret. That’s why we read Consumer Reports and research online.

So, when it comes to long-term care insurance, what are the biggest mistakes to avoid?

1. Waiting too long to start planning. You don’t have to buy insurance protection today; but at least find out what a policy will cost. If you take prescription medications or have health conditions, find out if you can health qualify. Ask what health changes might make you ineligible to health qualify.

2. Believing it won’t happen to you. Denial is the best reason not to plan. And, honestly, we hope you live a long life … never have an accident or illness. Yes, we hope you never need long-term care. We also hope you never have a car accident. But hope is not a strategy. Planning for the future is.

3. Counting on government programs. If you are 50 or 55, are you really ready to count on Medicare and Medicaid being able to pay for the care you want in 15 or 20 years. Everyone wants someone else to pay the bill. If you prefer having choice, options and independence, then you’d better have a plan in place … just in case.

4. Not working with a long-term care insurance professional. As you’ll find us saying many times, costs vary between insurers, discounts vary between insurers and acceptable health conditions vary. You want to work with an experienced and knowledgeable professional who stays current and can get you the best coverage for the best price. Are we biased in favor of our Association members? You bet!

Contact us today to discuss your long term care needs.

For more information about Long-Term Care Insurance visit The American Association of Long Term Care Insurance