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 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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