Because of old age, mental or physical illness, or injury, some people find themselves in need of help with eating, bathing, dres sing, and other physical activities. Long-term care insurance can help pay for such care in the future, in the event you are faced with the need for such assistance. The information below can help you understand some of the issues to consider when deciding on a long-term care insurance policy.
The fact that you might need long-term care doesn’t mean that you have to pay someone to provide it. Many people who need help get it for free from a relative or friend, usually at home. In a recent survey of people over 50, roughly 90 percent said they expect to be the primary care give if their spouse or partner needs long-term care.
But even unpaid caregivers need a break from time to time, or have full- or part-time jobs that prevent them from caregiving throughout the day.The cost of long-term care depends on three factors – the general level of charges in your part of the country, the specific expense rate for the services you need, and how long the need for care lasts.
We believe in providing you all the information you need to make an informed decision. To that end, we offer you free of charge and without obligation a detailed comparison of three top-rated policies selected especially for your circumstances.
HOW TO CHOOSE
We established criteria that could make a policy a worthwhile hedge against the costs of long-term care, if you can afford it. If you decide that you want a policy, follow these shopping guidelines.
Consider buying at around age 65. Although salespeople will try to get you to buy a policy as young as age 40, the coverage may be useless 40 years hence when you need it. New systems for care may emerge that will not be covered by a policy purchased today. For example, 15 years ago, long-term-care insurance did not pay for care in assisted-living facilities.
Between the ages of 55 and 60, buy long-term-care insurance only if you have a chronic condition like diabetes that could prove incapacitating over time. Otherwise, begin at about age 60 to assess whether you need long-term-care coverage, and, if so, buy at age 65. If you buy later than age 70, the policy will likely be too expensive or you may not pass the medical tests needed to qualify.
With long-term care insurance, you pay premiums in amounts you know in advance and can budget for, and the policy pays up to its coverage limits for the long-term care you need when you need it. Typically, premiums are waived during the time you are receiving benefits.
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