Friday, October 30, 2015

9 Things to Consider When Buying Insurance for Long Term Care

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Have you ever thought about who’s gonna take care of you when you can no longer take care of yourself?

I know it’s scary but don’t worry because there are different options that you can explore, which can take care of your healthcare and long term care needs.

The trick here is finding the right financial tool or insurance product that can cover expensive long term care costs.

Getting long term care insurance policy is one of the options you have. As a matter of fact, around 13% of Americans have already purchased ltc insurance. This number is low given the fact that about 70% of Americans 65 and above will require any form of long term care.

Adding up factors like high premiums, strict underwriting and limited insurers lead to the decline in the number of people getting coverage.

Here are what experts have to say if one should get insurance for long term care.

Jesse Slome, the executive director of the American Association for Long Term Care Insurance said that “it’s not one size fits all.” Affluent consumers probably don’t need to get covered while those who are financially challenged are forced to rely on government programs like Medicaid. Those who are in between can consider ltci as a part of their retirement plan.

Reid Abedeen, a partner in Safeguard Investment Advisory Group suggests discussing this with a financial advisor. According to him, “They need to evaluate everything working together versus just the investments achieving growth.”

Only a handful of people can afford paying for care out-of-the-pocket due to the price hikes of long term care facilities so they turn to getting a long term care policy.

There are other insurance products available such as hybrid policies and life insurance with long term care riders. But if you insist on getting a long term care policy, then here are nine things you can consider:

1.     Explore the best option for you.
2.     Compare insurance products and make you understand the fine print.
3.     Find out if the companies are reliable.
4.     Choose a policy that is affordable.
5.     Don’t let your policy lapse.
6.     Inform your family about your long term care policy.
7.     Apply for insurance for long term care early.
8.     Take advantage of policy features for couples.
9.     Review your long term care coverage yearly.


Visit http://www.altcp.org/expert-help-ltci-quotes to receive expert advice from long term care specialists, ebook and long term care insurance quotes from reputable companies for free.

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