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Home / Long-term care / Long-Term Care Insurance: Tips for Buying a Policy

Long-Term Care Insurance: Tips for Buying a Policy

January 12, 2022 by Brandon McGee

Long-term care insurance isn’t something you want to think about, but it’s a purchase that should at least be on your radar. As you learn more about this type of coverage, you can make a final decision as to whether it’s a good choice for you and your budget.

long-term care insurance

Long-term care insurance is exactly what it sounds like. It’s a policy that kicks in to cover expenses associated with most types of long-term care, such as a stay in a nursing home or assisted living facility.

Should you come to realize that long-term care insurance is something to strongly consider, turn your attention to the process of buying a policy. And when doing so, here are some tips that will work in your favor:

  • Shop around: Don’t assume that one company and policy is the same as the next. This varies greatly, so receive a minimum of three to five quotes before you make a decision on what to do next.
  • Buy at the right time: It’s natural to put off the purchase of a long-term care insurance policy. When you’re young and healthy, you assume that you won’t need this type of care until later in life. And while you may be right, it costs much more to purchase coverage at that time. If you want to get the best price on quality long-term care insurance, make a purchase when you’re young and healthy.
  • Know what you’re getting: Carefully read the terms and conditions of a long-term care insurance policy before signing on the dotted line. How much coverage are you buying? Is there a cap? What type of care is covered?

If you’re wondering how long-term care insurance can fit into your estate plan and long-term care plan, contact our law firm for assistance. We’ll make sure you understand all your options and what to do next.

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Long-term care

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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