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Tips for Purchasing Long-Term Care Insurance
Of older Americans who foresee needing long-term care services within the next year, only one in four say they would be able to pay for those services with their own family resources. If you determine that long-term care insurance is for you, here are some tips to consider in your decision-making process:
- You can reasonably predict that you will be able to pay the premium for the rest of your life.
- Stick with blue-chip firms.
- A policy with a 100-day deductible is much cheaper than policies that kick in right away and nearly as safe since Medicare will cover shorter, post-hospitalization stays anyway.
- 3-6 years of coverage should be more than enough for nearly everyone.
- Consider a plan that has “flex-care” which allows you to receive a (lower) cash benefit for home care or assisted living, as an alternative to having to go into a nursing home.
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