October 12, 2015

Long Term Care InsurancePlanning for the future can be an overwhelming thought, especially the closer you get to retirement. Men and women can spend over $100,000 in out-of-pocket medical expenses after retirement. Though this is a great expense, there are as few as 13% of Americans who carry long-term care insurance policies.

Take into account these nine considerations to see if long-term care insurance is right for you:

  • Find a specialist. Seek out a financial planner with particular expertise in long-term care insurance to review options.
  • Compare plans. Variables to consider include length of exclusion period before the policy kicks in, years of coverage provided, and requirements to draw benefits.
  • Compare providers. There are fewer options for long-term care now than in years past, since many companies are folding. Be sure to consider each provider’s length of time in business as well as its overall company health.
  • Choose what you can afford. Long-term insurance plan costs can be cut by selecting a policy that covers a shorter duration, or one that covers less per-day cost.
  • Keep up with premiums. If you allow your policy to lapse, everything you’ve paid into it will be lost and you’ll be without coverage.
  • Share details with loved ones. Make sure to share copies of your policy with a responsible, trusted advocate who can assist with claims if needed on your behalf.
  • Don’t wait. The younger and healthier you are when applying for a policy, the less costly it will be.
  • Double up. If married, check into a plan for couples that allows for shared benefits.
  • Update annually. Review your plan each year to ensure your coverage needs haven’t changed.

Medical care or custodial care after retirement is likely, so it is important to plan ahead. Continuum, St. Louis’ premier home care company, and our dedicated staff are here to help! Contact us today if you need help understanding long-term care insurance options.