It doesn’t matter if you’re young, old, or somewhere in between, there may come a point when you consider purchasing long-term care insurance. With so many benefits, it may be something you want to add to your financial plan.
Just the same as any type of insurance coverage, there are many questions associated with the purchase of a long-term care policy. Neglecting to answer these could result in the wrong decision, thus costing you both time and money.
Here are some of the most important questions to answer:
- How do your age and current level of health impact the cost of long-term care insurance?
- Do you have a list of long-term care insurance companies that you trust?
- How much coverage are you interested in buying?
- Is now the right time to purchase long-term care insurance, or should you revisit the idea in the future?
- What does a long-term care insurance policy cover? Are you aware of common exclusions and limitations?
- What approach will you take when searching for a policy?
As you answer these questions, don’t be surprised if many others come to mind.
For example, as you narrow your list of companies, you’ll have questions about which ones provide the best rates and most comprehensive policy.
Buying insurance is never easy, as you’re likely to have concerns about the type of coverage you need, how much you can afford, and which company is best for you.
Fortunately, with a detailed search process and the help of all the insurance companies you speak with, you can eventually settle on a policy that’s the best fit for you and your budget.
If you have questions about long-term care insurance or long-term care planning in general, contact us. We’re happy to provide all the guidance you need to feel better about this part of your financial and long-term care plans.