9 Tips to Determine if Long-Term Care Insurance Is Right for You

Insurance – most of us carry some sort of policy, ranging from car and house to life insurance. But not many Americans carry long-term care insurance policies. In fact, as few as 13% of Americans have long-term care insurance. There are many reasons why this may be – some people would prefer not to think about the future in that way, while others feel they may not be able to afford it. But long-term care insurance isn’t a luxury, especially for people who fall between the extremely wealthy and the extremely poor. This type of insurance is a way to ensure that you can get the type of care you need when you need it, whether it is receiving in-home care services or respite care in a facility, or installing medical equipment in your home.

Is long-term care insurance right for you? Here are nine considerations to take into account:

  • 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. A long-term care insurance plan’s cost 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.

Since the odds are that most of us will require some sort of medical or home assistance later in life, it’s important to be prepared. Whether you or your loved one requires home care services, such as personal care, dressing assistance, nursing (wound dressings, medication management), respite care, or transportation, Home Sweet Home In-Home Care can help you sort out long-term insurance and other aging care payment options to help cover those services.

Located in Paw Paw and St. Joseph, Michigan, and with home care services provided throughout Van Buren, Berrien, Cass or Kalamazoo counties, our trained staff at Home Sweet Home In-Home Care can help. Contact us at (269) 849-9252 or through our web form to find out how.

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