Maybe you have to move to a nursing facility or perhaps you need the assistance of a home health aide. Either way, it doesn’t matter. Why? Because, you’re prepared!
How? You came to our office to plan. One of the planning strategies is long term care insurance. As an elder care attorney, in Maryland we cannot sell insurance products, like long term care insurance. Consequently, we are completely impartial about these products. Therefore, if you obtained a long term care insurance policy years ago you that your finances are in order.
Funding your long term health care doesn’t have to burden anyone.
What Exactly is Long Term Care Insurance?
Simply put, it’s a way to pay for the possibility of future disability right now. Rather than leave it up to chance and hope you have the money to cover it later--or worse yet, put it off on your children—this type of insurance allows you to budget and pay for monthly premiums today to receive in-home care later on, in the event you should need it. By choosing this option, you cross out all uncertainty.
I understand you may not enjoy paying premiums now for something you may never use, not for many years at least. But let’s be frank—the odds are one day you are going to need it. Do you really want to try and pull the money out of thin air when the time comes? Or would you rather pay now and have your long term care insurance pick up the slack when your health insurance and Medicare won’t? If you can afford it, the insurance is probably a good option for you.
How to Go About Choosing Long Term Care Insurance
There are a variety of factors to consider as you choose your long term care insurance plan. A few of these include:
- What illnesses run in your family? Are you at risk for Alzheimer’s? Make sure they are covered.
- How much coverage do you want per day? $50? $200?
- How long do you want to be covered?
- How much can you afford to pay in premiums? The older you are, the more expensive the premiums.
Is Long Term Care Insurance Right for You?
Unfortunately, only you can decide. But here are the bare bones facts to help you decide.
- Your spouse and you have pretty decent chances of needing long-term health care at one time or another.
- Medicare and traditional insurance will not cover your long term health care expenses.
- Long term health care, be it in-home care or nursing home care, is expensive and can drain the inheritance you intend on leaving for your kids.
- On the other hand, long term care insurance is not cheap by any stretch of the imagination. But it does offer stability.
With those facts in mind, it is up to you to decide if you should take out a long term care insurance policy.