How Do I Plan for Long-Term Care Insurance?

Long-term care is the assistance that people with chronic illnesses, disabilities, or other conditions need on a daily basis for an extended amount of time. Long-term care insurance can be used for different things such as bathing, dressing, and eating; to specialized healthcare services provided by nurses, therapists or other professionals. Employer-based health insurance policies usually don’t pay for daily or extended care services. Although Medicare will sometimes cover a short stay in a nursing home or partial at-home care, it is usually not enough for a person who has substantial health issues.

Because we can’t predict what health issues we might face in the future, it is important to begin planning for long-term care early on. Below, we explain what to consider when picking a long-term care insurance policy.

Important Things to Consider

Unfortunately, not everyone qualifies for long-term care insurance due to specific health qualifications. Each insurer sets their own health qualifications which change from time to time, so be prepared to share your personal health information with an insurance professional.

Because your health changes throughout your life, you should look into policies well before you reach retirement age. Policies usually cost less if purchased when you're younger and in good health. Although you might still be able to get insured if you have a serious condition, you’ll likely have to pay substantially more.

You will also want to think about the cost of insurance premiums. How much coverage can you afford without breaking your budget?

Be aware that premiums often go up over time and that your income might not. If you can’t pay your premiums, you can end up losing all that you have invested into the policy. You should consult with a financial advisor to discuss ways you can save for future long-term care expenses and the benefits of purchasing long-term care insurance.

Are you having trouble finding a long-term care insurance policy that is right for you? Contact our Atlanta insurance administrators to get help today.