When Should I Get Long-Term Care Insurance?

Long-term care insurance
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Long-term care insurance is better to purchase before you need it.

Once again, I have mastered the obvious.

As people age, financial priorities shift.

Sometimes, this is a result of changes in circumstances.

Other times, it stems from gained wisdom and experience.

When it comes to preparing for retirement and health care needs, all of these factors come into play.

According to a recent WCAX 3 article titled “What to consider before you invest in long-term care insurance,” people should think about their future health decline before it occurs.

Long-term care insurance can help you pay for home health aids.
Long-term care insurance is best purchased before you need it.

The director of the American Association for Long-Term Care Insurance recommends that policies should be evaluated, selected, and purchased prior to age 65.

Generally, this allows you to have a policy in place before long-term care would be necessary.

How is long-term care helpful?

These policies can help to pay for the costs of care for an assisted living facility, nursing home, home health aids, and an adult day care center.

Most Americans will require long-term care at some point during their lives.

Some ailments associated with the need for long-term care are dementia or Alzheimer’s, chronic medical conditions, and disability.

What should you consider prior to purchasing a long-term care insurance policy?

It is helpful to keep your estate planning in mind.

Although paying insurance premiums can be costly, having a long-term care policy can save you financially in long-term care costs.

Predicting the exact type and length of care you will need is nearly impossible.

If you choose to pay out-of-pocket, you may find yourself exceeding your savings rather quickly.

It is also helpful to discuss with your family what roles they are able to play in your care as you age.

With the support of family members, you may be able to delay long-term care expenses as long as possible.

You may even be able to provide a greater inheritance to those children who provided greater care to you as you age.

Sometimes you must meet certain medical requirements in order to be eligible for specific plans.

Those who have already started developing dementia or other serious illnesses likely may not be able to purchase long-term care insurance.

This is another reason to start preparations early.

Because these policies are variable and multifaceted, it is important to thoroughly review and compare your options.

Work with an experienced advisor and also with an estate planning attorney to find a long-term care insurance plan to meet your needs and goals.

If you already are in “crisis mode,” then engage the services of an experienced elder law attorney without delay.

Reference: WCAX 3 (April 11, 2022) “What to consider before you invest in long-term care insurance”

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