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Whether your retirement is still a decade away or right on your doorstep, chances are you’re considering your options for long-term care insurance.

Having a policy can be a valuable tool to have in place as you plan for your retirement. It’s not easy to think about, but as you grow older your need for care will increase. Eventually, you may need to afford options like in-home care, a nursing home, senior living center, or hospice care. By carefully mapping out your retirement and finances throughout, you can create a realistic but flexible plan to receive this kind of care.

If you are currently shopping for policies or plan to do so soon, there are some key questions you should be able to answer:

What Are the Chances I Will Even Need Long-Term Care?

According to the U.S. Department of Health & Human Services, Americans turning 65 years old have a 70-percent chance of needing a long-term care service. While you may eventually be among the roughly 30 percent of Americans who won’t, considering the stakes, it’s not an advisable gamble to take if you can afford a policy.

Is My Health Good Enough to Qualify for a Policy?

Just as you would for a life insurance policy, you will need to undergo a health screening during the long-term care insurance application process. In most cases, you will participate in a telephone interview about your health and authorize a release of your official medical records for review. If you are older or have certain health risks, an in-person assessment may also be required.

Certain preexisting conditions will automatically disqualify you, such as:

  • Use of a walker or wheelchair
  • Some cancers
  • Needing assistance with certain daily activities
  • Alzheimer’s or dementia
  • Parkinson’s disease
  • Use of narcotics
  • Type 2 diabetes

Can I Afford Insurance Premiums?

Once you’ve determined that getting long-term care insurance is probably necessary and feasible considering your health, you’ll want to evaluate your ability to afford a monthly premium. Costs can range for as little as $30 per month to as much as $350 per month or more.

You may want to consider getting realistic quotes from our insurance specialists and evaluating how such costs would factor into your overall retirement plan. Beware that rates can increase over the years, and you’ll want to factor the possibilities of a rate hike into your plan, too.

How Much Coverage Should I Purchase?

Just as with any insurance, it ultimately comes down to a good guess to determine how much coverage you should buy. That, and how much of an impact affording your policy will have on your finances. It’s generally advised that policyholders shouldn’t be spending more than 5-10 percent of their monthly budget on affording long-term care insurance premiums. With that value taken into account, you should have a better idea of how much coverage you should purchase based on your ability to afford it.

Who Can Help Me Find a Policy that Works Best for Me?

If you need assistance with finding the long-term care insurance that’s right for you, reach out to Insurance Specialists, Inc. Our brokers can take time to learn about your situation and match you with policy options that account for your needs and wants.

If you’re interested in learning more about getting long-term care insurance policy, reach out to us online or by calling (888) 451-0883 for help.