1. At what age should I begin long-term care planning?
The easy answer is now, while you are young and healthy. The "average" age of applicants is 57, which is still young enough to offer the most options and when most are able to qualify for good health discounts.
2. Why is long-term care planning now so important?
Like all other financial strategies, incorporating long-term care insurance can help protect your assets. Due to ever-increasing life expectancy, it is likely that at some point you will need long-term care, and without a long-term care plan in place, the cost can wreak havoc on your financial assets. Ask yourself what assets I am willing to liquidate.
3. What are the most important questions I should ask?
Start with, “Where would I want to receive care?” and "What are the various types of care and cost for each in my city and state?"
4. Will Medicare cover long-term care costs?
No. Generally, very few long-term care costs are covered in any way by Medicare.
5. Why is long-term care insurance so important for women?
Women generally live longer than men, and so are ultimately far more likely to need long-term care. The vast majority of nursing home residents and Alzheimer's patients are women.
6. What happens if I buy a policy and never end up using it?
We all hope to never have to use our policies. Homeowners, as an example, certainly hope their house never burns down. Interestingly though, with some Iong-term care policies, you can receive all of your money back or more in the event you change your mind or never end up needing the benefits. That is why it's important to plan today, while you have a multitude of options still available.
7. Can I receive long-term care benefits while in my own home?
Yes. Most Iong-term care policies today allow you to receive qualifying care in your own home. Of course, it depends on the level of care you would require.
8. How much long-term care coverage is the right amount?
There is no "one size/ fits all" solution. How long would you want benefits to be paid? How long after requiring care would you want benefits to kick in? What is the cost of care in your locale? These are questions to discuss with your insurance professional. A long-term care plan should be individually tailored to your needs and specifications.
9. How do I get more information about long-term care planning?
Contact our office for a free consultation about long term planning.