Should I buy long-term care insurance?

During our many presentations throughout the year long-term care insurance (LTCI) is one of the most popular topics our attendees ask questions about.

It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life. The big question is: How will you pay for care? Buying long-term care insurance ahead of time is one way many Americans prepare for these expenses.

Should I buy long-term care insurance?

Long-term care refers to a host of services that aren’t covered by regular health insurance, including assistance with routine daily activities: bathing, dressing, or getting in and out of bed. When you or an aging loved one needs assistance at home to continue living safely and independently or needs to move into a senior living facility, LTCI can help make care more affordable.

As individuals approach their 60’s, thoughts about retirement, health, and security become more prominent. However, buying long-term care insurance when you are in your 50’s or 60’s requires careful consideration to ensure it aligns with your needs and financial situation. Hurley Elder Care Law doesn’t sell any insurance products, but we do see the benefits for our clients who have LTCI as an option during their care decisions.

Health Status and Pre-Existing Conditions

When should you buy a LTC insurance policy? At the age of 60 and beyond, health issues can be more common. Insurance companies assess your health status when determining premiums and coverage options. Pre-existing conditions could affect your ability to secure coverage or result in higher premiums.

Cost of Premium vs. Budget

The cost of LTCI premiums tends to rise with age. When evaluating policies, consider how much you’re willing and able to pay for premiums without straining your budget.

Coverage Need

Evaluate the extent of coverage you need based on your family history, current health, and potential lifestyle changes. Different policies offer varying levels of coverage for different types of care, such as in-home care, assisted living, or nursing home care.

Elimination Period and Benefit Triggers

An elimination period is the waiting period before the benefits kick in. This usually impacts the cost of the premiums. Read the plan carefully as you will need to cover your expenses during the waiting period and understanding the benefit triggers is essential.

Policy Features and Flexibility

Different insurance providers offer varying policy features and options. Some offer policies tied to life insurance while others offer shared benefits for spouses.

Policy Reputation

Cheapest is not always the best choice! Consider the reputation, financial stability, and track record of the provider.

Before committing to a LTCI policy, you should explore alternative ways to fund long-term care such as savings, investments, and public benefits such as Medicaid.  Do you have questions? Please reach out to our office at 404-843-0121 or through our website at for more information.

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