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Life and Health


By September 1, 2013No Comments

With people living longer and longer, these days, there’s a growing need for Long-Term Care (LTC) insurance. To help you choose the policy that’s best for you – and your pocketbook – industry experts offer these guidelines:

  1. Buy now. The older you are, the more you’ll pay for LTC because you’re more likely to develop health problems as you age. What’s more, any medical condition might lead an insurance company to reject covering you.
  2. Don’t count on Health insurance. For example, Medicare generally doesn’t cover long-term care, and Medicaid will pay for a nursing home stay only after you’ve gone through most of your assets.
  3. Balance the length of the policy against the size of the daily benefit. With a “short and fat” policy, which provides a relatively large payout for a shorter period, you’ll enjoy higher payments at the risk of having your benefits run out. On the other hand, the “long and thin” option extends the coverage period while offering a smaller benefit.
  4. Allow for cost inflation. With a Guaranteed Purchase Option (GPO) or future purchase option (FPO), you can increase your coverage every two to three years to reflect skyrocketing health care costs – without taking a physical or paying a higher premium because of new medical conditions or poorer health. You might also be able to buy policy “riders” that factor in simple and compound inflation.

Purchasing Long-Term Care insurance can pose a daunting challenge. Our agents stand ready to share their experience and expertise with you at any time.