Long Term Care Insurance – When & Why To Buy It?
Buying long term care insurance can seem like a guessing game, but knowing some basic information can help you make the right decision at the right time. Long-term insurance is intended to help cover the costs that Medicare will not if and when the time comes that you need assistance with activities of daily living.
Needing Long Term Care
The chances of needing long-term care increase as we age, but it can be important to consider this coverage before a serious illness arises. Some insurance companies will turn down an applicant due to some pre-existing health conditions, such as Alzheimer’s Disease or other forms of dementia, Parkinson’s Disease, multiple sclerosis, or other degenerative neurological diseases, AIDS or related diseases, and metastatic cancer, just to mention a few. If you develop these after you have purchased long term care insurance, your policy will cover the care you require for the illness.
There are no easy answers when it comes to purchasing long-term care, mainly because you may not know what coverage you will need. Living at home with the assistance of caregivers will incur different costs than living permanently in a facility. If you already have an illness that might affect you later in life, such as high blood pressure or diabetes, you may want to carefully consider what help you might need as you age.
Lifestyle and Heredity Plays a Part of Long Term Care Insurance
Heredity and lifestyle can have an effect on your long-term insurance needs as well. If your grandparents and parents had illnesses that required care, you might be more likely to need assistance later in life. If you live alone, or have poor exercise and diet habits now, you may also want to consider your future needs. Thinking about your options before you need long-term care is the best way to plan, but keep in mind that unexpected medical needs can arise as time goes by.
The decision to purchase long-term care is a personal one, but it can have serious consequences for your family, too. Even though you do not want to purchase more insurance than you will likely need, try to be as realistic as possible in choosing the coverage that will protect you and your loved ones.