Posts Tagged Long-Term Care Insurance

The United States Department of Health and Human Services estimates that approximately 70 percent of Americans over the age of 65 will need some type of long-term care. Contrary to what many people believe, Medicare does not cover long-term custodial care. Given the cost of such care, it makes sense to consider your options, in advance, about how to obtain the care you might very well need without exhausting your life savings to pay for it. One such option is long-term care insurance. Here are some factors to consider regarding the purchase of a long-term care insurance policy. Your age and health matter. The younger you are when you purchase long-term care insurance, the less expensive it will be. Unfortunately, if you have conditions such as diabetes or heart disease, your application might be rejected. It is better to have some coverage than none at all. The very best plans,

Many families consider purchasing long-term care insurance in advance to help pay for expensive long-term care in the future. Here are three important factors to keep in mind when buying long-term care insurance. Your daily benefit requirement. Many people look at the national averages for long-term care costs and neglect to factor in regional differences. Don’t make this mistake. Be sure to find out the care costs where you live now or where you want to reside in the future. Timing. The issue here is two-fold: The age at which you apply for the policy initially, and the waiting period you choose for the policy to take effect before you begin receiving benefits. Typically, the younger you are when you apply, the cheaper your policy. Of course, the benefits of the lower premium must be factored in against the amount of time a younger person will likely continue to pay