Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
A better question would be "Who Shouldn't Buy Long-term Care Insurance"? That’s simpler to answer.
The following people should NOT buy long term care insurance:
1. Those that cannot afford the premium on even a base policy.
2. Those that have virtually no assets to pass on to the next generation and will need every available dollar saved for retirement.
3. Those that will have to work until they die for lack of savings and insufficient Social Security payments or private pension.
4. Those that cannot medically qualify.
5. Those that are already unable to perform regular daily activities of living without assistance.
People in those conditions may qualify for the payment of long-term care through Medicaid (MediCal in California) if they come to a point in their life where they need care and can't afford it. If the above conditions describe you in any way, you should be sitting down with your adult children or closest relatives and coming up with a plan of action should you be unable to take care of yourself.
Everyone else should consider buying some long-term care insurance through an agent or agency that either specializes or has a specialist that is experienced in handling long-term care insurance casework. Having some amount of insurance is better than having none.
When one qualifies to receive payments from the insurance company for long-term care, they are usually near the end of their life. The average long-term care claim is approximately 2 - 2.5 years. For those that need care longer than that, virtually all but the most unusual claims are paid out after 5 years. Families with a history of late-life mental illness (dementia or Alzheimer’s) should consider buying a larger pool of money than others, if they can afford it.
It is in the best interest of the adult children to help out with long-term care premium payments if the elderly parents cannot afford to pay all of the costs.
Long-term care is an emotional, psychological, sociological, and family problem as much as it is financial. For the dignity of those who need care and the people or person most likely to be the caregiver, there needs to be a plan of action determined and long-term care insurance should be a part of that plan if it can be afforded and the person is medically qualified.
Long-term care insurance is best purchased when young. Premiums can and will go up during the life of the policy if all the bells and whistles are included in the design of the coverage. But, those increases will seem like pocket-change if one needs long-term care. $80,000 per year is not unusual for facility care today. 24/7 home care can exceed $20,000 per month! With family help, home care costs can be kept down. But, if facility care is required, there's not much that can be done about avoiding high costs.
Long-term care costs vary by place. The left- and right-hand coasts are the most expensive. Relocation may be necessary to get affordable care in a quality facility.
.JPG){kind=avatar}
The following people should NOT buy long term care insurance:
1. Those that cannot afford the premium on even a base policy.
2. Those that have virtually no assets to pass on to the next generation and will need every available dollar saved for retirement.
3. Those that will have to work until they die for lack of savings and insufficient Social Security payments or private pension.
4. Those that cannot medically qualify.
5. Those that are already unable to perform regular daily activities of living without assistance.
People in those conditions may qualify for the payment of long-term care through Medicaid (MediCal in California) if they come to a point in their life where they need care and can't afford it. If the above conditions describe you in any way, you should be sitting down with your adult children or closest relatives and coming up with a plan of action should you be unable to take care of yourself.
Everyone else should consider buying some long-term care insurance through an agent or agency that either specializes or has a specialist that is experienced in handling long-term care insurance casework. Having some amount of insurance is better than having none.
When one qualifies to receive payments from the insurance company for long-term care, they are usually near the end of their life. The average long-term care claim is approximately 2 - 2.5 years. For those that need care longer than that, virtually all but the most unusual claims are paid out after 5 years. Families with a history of late-life mental illness (dementia or Alzheimer’s) should consider buying a larger pool of money than others, if they can afford it.
It is in the best interest of the adult children to help out with long-term care premium payments if the elderly parents cannot afford to pay all of the costs.
Long-term care is an emotional, psychological, sociological, and family problem as much as it is financial. For the dignity of those who need care and the people or person most likely to be the caregiver, there needs to be a plan of action determined and long-term care insurance should be a part of that plan if it can be afforded and the person is medically qualified.
Long-term care insurance is best purchased when young. Premiums can and will go up during the life of the policy if all the bells and whistles are included in the design of the coverage. But, those increases will seem like pocket-change if one needs long-term care. $80,000 per year is not unusual for facility care today. 24/7 home care can exceed $20,000 per month! With family help, home care costs can be kept down. But, if facility care is required, there's not much that can be done about avoiding high costs.
Long-term care costs vary by place. The left- and right-hand coasts are the most expensive. Relocation may be necessary to get affordable care in a quality facility.