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Is Long-Term Care Insurance Appropriate for You or a Family Member?2. What is the right age to purchase long-term care insurance? 3. Is there anyone who should not purchase long-term care insurance? 1. Who could benefit from purchasing long-term care insurance? The need for long-term care can happen at any time, not just as you age. If you are single, it is less likely that unpaid care by family members will be readily available. Long-term care insurance can help you obtain and pay for the services that you require. If you are married or live in a multi-member household and you and your partner age together, your day-to-day functions may decline at the same rate. If your adult children live in another location or if your care needs are greater than a family can provide, you may require paid assistance. Also, if certain chronic conditions run in your family – the kind that require some type of daily assistance – long-term care insurance might be important for you to consider. Return to Top 2.What is the right age to purchase long-term care insurance? In general, long-term care insurance can provide coverage for anyone 18 years of age and older. The younger you are when you buy long-term care insurance, the greater the chance that your health will be good and you’ll be insurable. Generally, the younger you are, the lower your annual premiums will cost per year. Return to Top 3. Is there anyone who should not purchase long-term care insurance? It is important to be able to afford the premiums, not only now, but in the future. If you are on a fixed income or if you have limited savings, the premiums may be too difficult to pay over the long run. In this situation, you may want to look closely at your needs and resources and perhaps talk with a family member or financial advisor to decide if this is the right purchase for you. Return to Top For additional information see the links below: Long-Term Care Insurance-Home Page General Information 1. What is long-term care? 2. Where can I receive long-term care services? 3. What are Activities of Daily Living (ADLs)? What is the Cost of Long-Term Care Services? Paying for Long-Term Care Services 1. How are long-term care services paid? a. Self-Insure b. Medicaid c. Medicare d. Long-Term Care Insurance What Are the Costs of Long-Term Care Policies Based On? How to Select a Policy? 1. What decisions do I need to make? 2. How can I protect myself against the rising cost of care? 3. How much coverage is right for me? What About Different types of Policies and Coverage? 1. What is the difference between “reimbursement,” “indemnity,” and “disability” type policies? 2. What is a "Tax Qualified" policy? 3. What are "Partnership Programs"? How Long Can I Expect to Need Coverage? What About Benefits? 1. How do I become eligible to receive benefits? 2. Who determines when I am eligible for benefits? 3. What happens to my benefits if I stop paying my premium? 4. What is a “return of premium on death” benefit? What Else Should I Know? 1. Can I change my mind if I buy a policy? 2. Can my premiums be raised? 3. How can I evaluate a long-term care insurance company? 4. How can I obtain detailed information on long-term care insurance? Return to Top |
| Like other insurance coverage, long-term care insurance policies contain certain exclusions, limitations, reductions of benefits and terms for keeping them in force. For complete details, contact an insurance company offering long-term care insurance. |
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