People often think of long-term care insurance like most other ‘optional’ insurances:
“I’m perfectly healthy. I don’t need it!” or “I’ll buy it when I get older and really need it.”
Of all the misconceptions about long-term care insurance, the “I’ll get it when I really need it,” mindset is probably the most damaging. Thinking like this is a lot like trying to get insurance on your home after it’s burned down. It’s not going to happen.
When Should I Buy Long Term Care Insurance?
Insurance policies, long-term care insurance (LTC) included, are designed to be most affordable when the person insured is younger and healthier. The ‘sweet spot’ for purchasing long-term care insurance is between 52 and 64 years old. LTC insurance policies allow you to define benefits when you buy the policy. You can add or subtract various components to suit your situation.
How Much Coverage Should I Buy?
The hardest question many grapple with it how much money will I actually need to fund long term care. You need to figure this out in order to work with a predetermined pot of benefit money just as you would with a household budget. You need to find ways to make it last and cover all the things that you need in order to get through the month. Here is where your long term care insurance agent can help. They know the median age when care usually begins and the hours of service most people start off with. Not that you should over-insure, but in this instance you might want to make sure that you are amply covered should you need to start service.
Issues to Consider
You will need to put on a bit of thinking cap here so that you get the most out of your long term care insurance policy. Thinking of all the angles and eventualities is daunting to everyone.
For example, if you are married, you should look into linking your policies. In so doing, one spouse can dip into the others benefits should they run out of their own which could be financially necessary. Another issue you might want to look into nonforfeiture benefits in case you no longer can afford the premiums. You will want to safeguard the money you have already paid in up to that point. Also, what if you decide to retire to a foreign country. Most insurance LTC policies won’t travel with you. Sometimes you can buy a rider to the policy which enables you to take the money you paid into the policy with you even though you will not have the coverage you originally wanted.
You will need to have as full and honest a discussion with your insurance agent in order to tailor the benefits specifically to your particular situation.
Home Healthcare Is Most Preferred
While you can buy policies to cover all the long term care options – home care, nursing homes and assisted living facilities – home healthcare, in the 5 boroughs of NYC and Nassau County, will average half of what a nursing home will cost. With home healthcare, not only will you get more personalized care at nearly half the cost of a nursing home, you get to live in the comfort and familiarity of your own home. Unlike the policies seen in the 1980’s, today’s long-term care insurance covers home healthcare. This is why using LTC insurance to fund home healthcare is a wise option. Of course, if you need a skilled nursing facility, a nursing home might be the better choice. Policies allow for that as well.
David York Agency Home Healthcare Can Help Seniors in Riverdale
At David York Agency, we understand the many challenges and risks faced by the aging and elderly and are dedicated to providing care to support them through all of those ups and down. At David York Home Healthcare Agency, extraordinary service is what sets us apart from other companies in Riverdale that provide in home healthcare services.
DYA we could provide direction as to how to manage the total care of your senior loved one. Whatever your care needs, we are there for you, always striving to exceed your expectations. For more information about David York Agency’s qualified, compassionate caregivers, contact us at (718) 376-7755. A free phone consultation can help you determine what services would meet your needs. We aim to provide you and your loved one with the assistance they need. If you’d like to hear more from us, please like us on Facebook or follow us on Twitter or LinkedIn.
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