More than 10 million Americans need long term care services and support. 4 million are children and working-age adults while 6 million are elderly. Having long term care insurance would be bene¬ficial for future needs especially when approaching retirement age. Here are simple steps that could help you prepare and plan early. Here are five steps on how to get long term care insurance:
Step 1: Examine your Assets
Consider your age, current health, family health history and how much you would like to leave for loved ones before getting LTCi.
• Premium costs should not exceed 7% of your annual income.
• More than $1.5 million savings needed in order to self-insure.
• 73% of LTCi claims were for paid care at home or in an assisted living facility.
• 27% were for nursing homes.
Step 2: Evaluate your Needs
Know what kind of services you will need from LTC.
Step 3: Shop and Compare
Request quotes from different LTCi companies and start comparing their rates and coverage.
• Covers all types of care.
• Types of inflation protection offered.
• Different elimination periods offered.
• How your care will be paid – reimbursement, cash or paid directly to care provider.
• Durable medical equipment reimbursements.
• A policy that you fully understand.
Step 4: Choose and Adjust
Modify the benefits that you would like to get from your LTCi policy to match it to your preferred budget.
Bonus Step:
Consult an LTCi Agent
Talk to an LTCi agent regarding your financial concerns and possible Long Term Care needs to make an informed decision.
Questions to ask an agent:
1. What insurance companies do you represent?
2. How much experience do you have with Long Term Care insurance?
3. Do you have a website?
4. Can you help me understand how Long Term Care works?
5. Can other products besides LTCi help me pay for my Long Term Care needs?