What Are Some Things To Consider When Buying Long-Term Care Insurance?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    The #1 risk in retirement is human longevity. Living longer can impact the cash flow of seniors with unexpected costs like long term care. Whether it's at home assisted living or nursing home confinement, long term care can mitigate the cost of elder care via indemnification or reimbursement coverage.
    Answered on August 15, 2013
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  2. 2180 POINTS
    Kelly Moser
    Social Media Strategist, Disability Insurance Services, California
    When it comes to buying long term care insurance, make sure you've educated yourself first!  It's important to understand the product before you make any decisions about the type of policy you want.  Here's an LTCI glossary that can help you understand the "bells and whistles" of any LTCI policy. http://www.diservices.com/salestools/ltci-glossary.html 
    Answered on August 15, 2013
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  3. 11783 POINTS
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    What are some of the things to consider when buying long term care insurance? Well what is nice about most software agents use to help you with your selections is that they can "plug" in different benefits to the plan and you can immediately see what it does to cost and plan design. The things you need to consider are cost, as in can you afford to pay the premiums and possible increases in the future? Plan design, are the choices in plan design relevant to how long term care is actually used? It is a good idea to review actual costs of care in your state and duration of stays in a long term care facility. This way you can fine tune a bit and get a policy that will work for you without breaking your bank account
    Answered on October 7, 2015
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