I started this series of Blogs about Long-Term Care Insurance by pointing out the fact that most of us will face a situation either in our own lives or with the life of someone we love where we have to consider making choices about long-term care needs. Insurance is about protecting our assets from catastrophic loss due to a cause specified. Some of our parents and even ourselves are in situations where we can cover the costs of long-term care and some of us have the means to provide care for our aging parents.
Depending only on Medicare or Medicaid is one option, with many limitations and conditions. It would not be a persons first choice to rely on government subsidized living and shouldn’t be the way we see people we love depending for their lives. Many families provide housing, care-taking, medical services, transportation and meals for their aging family members and contract for services they can’t provide to support other living needs. Comprehensive Long-Term Care Insurance offers some coverage for these special care services. Depending on the situation it might be an option families could consider.
Don’t be surprised if the salesperson tries to convince you to purchase a policy when you are in your 40’s. It isn’t a good idea at this time to buy Long-Term Care Insurance at such an early age because too many things might change during the next 40 years before you need it. With the baby-boomers starting to reach their golden-years this new type of insurance will be tested and new systems for care may become routine or standard. A policy purchased today may not cover the medical care of the future.
Right now, my impression is that between the ages of 55 and 60, (my mother and father are in their 60’s) it’s a good idea to buy long-term-care insurance when someone has a chronic condition like diabetes, that could become incapacitating. If in good health and otherwise at low risk assessing the need for long-term care coverage during the early 60’s and purchase insurance at about age 65. Waiting until the age of 70, could be too late as the policy may be too expensive or a person may not pass the medical tests needed to qualify.
I am still not completely convinced that Long-Term Care Insurance is something I will encourage my mother and father to purchase. It seems to have some very nice features and it’s better then no insurance at all. I suppose, the best way to make a clear decision will to be getting some quotes and finding out just exactly how much this will cost for each of my parents.
If you have decided a Long-Term Care Insurance policy is something you believe you would want for your parents or yourself the Next Blog in this Series will talk about some of the Additional Options that may be available.
Other Blogs In This Series:
- What Choices Are There When Someone Can’t Take Care of Themselves Any Longer?
- What is Long-Term-Care Insurance?
- Long-Term Care Insurance Options To Consider
- What to Look For Before Purchasing A Long Term Care Insurance Policy
- What Age Is Right To Purchase Long-Term Care Insurance?
- Long-Term Care Insurance Policy Features to Look For
Related Blogs:
- Would Your Family Survive Without You?
- Social Security Disability
- How To Get Information About Medicare
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