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Purchasing long term care insurance is a process that has many steps. Of course your budget will play a big role in the policy you ultimately buy. The assets you have, and expect to have in the future is critical along with the liquidity of those assets.
As I have mentioned many times in previous questions (I guess that's why I am an "expert") your medical history will play a role in determining when and how much to purchase. This includes family history and any hazardous sports and hobbies you may engage in.
A full-time experienced broker that specializes in this type of policy is your best resource. They can shop, explain and research your options. Although many folks claim to be experts, the full-time experienced agent/broker is invaluable.
Here are some factors that should be considered when purchasing long term are insurance: Family health history, family longevity, convalescent care of parents and grandparents. If your family has a chronic history of medical problems, it could present a predisposition for you. If you have family longevity with parents or grandparents, you have a greater need for extended care based on living longer. It’s fascinating to observe one family’s chronic convalesces versus another family’s occasional use of assisted home care. And keep in mind that seniors pay around $250,000 in medical bills during their retirement years, some of which are extended care expenditures.
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As I have mentioned many times in previous questions (I guess that's why I am an "expert") your medical history will play a role in determining when and how much to purchase. This includes family history and any hazardous sports and hobbies you may engage in.
A full-time experienced broker that specializes in this type of policy is your best resource. They can shop, explain and research your options. Although many folks claim to be experts, the full-time experienced agent/broker is invaluable.