As you age, there’s always a chance you could require some type of long-term care. Maybe you need a home health service to help you with daily tasks. Or maybe a stay in a nursing home is the perfect solution.
Regardless of why you need long-term care, there’s sure to be a question on your mind: how will you pay for it?
There’s no simple answer to this question, as it varies based on the type of care you require, your financial situation, and the planning you’ve done in advance.
Buying long-term care insurance is something to strongly consider, as it’ll help take some of the financial burden off you in the event that you require this type of care in the future.
Tip: buy a long-term care insurance policy when you’re young and healthy, as this is when you’ll get the best price. If you purchase coverage when you’re older and/or inching toward needing this type of care, it’s safe to assume that your insurer will charge a higher premium.
If you decide in favor of buying long-term care insurance, don’t get ahead of yourself by purchasing the first policy from the first company you find. This is a big decision that could greatly impact you and your family in the future, so it’s critical to make the right choice.
Doing so starts with asking and answering questions such as:
- Which insurance company is best for you?
- How much money can you comfortably afford to spend on long-term care insurance each month?
- How much coverage are you receiving in return for the money you spend?
- What is covered and what isn’t?
If you don’t know the answers to these questions – and it’s likely that you don’t – you should take the time to consult with an experienced agent or broker. They can provide additional information, point you in the right direction, and give you a clear idea of what type of policy is best for you and your budget.
Should you be unsure of what long-term care insurance has to offer, take the time to better understand what it can do for someone in your position. This will help you decide if now’s the time to make your move.
Contact us if you have any questions or concerns about long-term care insurance, as we’ll do whatever it takes to ensure that your long-term care plan is comprehensive and complete.