Long
Term Care Insurance - The Basics
What Does Long Term Care Insurance Cover?
Long term care insurance covers expenses for which there is little or
no coverage under other insurance or government
programs. Long term care benefits are triggered when a
licensed professional confirms that you need assistance
with Activities of Daily Living (ADLs) due to a physical
impairment - these are things you do every day.
Examples of these activities are bathing, eating, dressing, and
transferring. They are also triggered by disorders that affect
cognitive ability such as memory & reasoning.
At What Age Should I Buy Long Term Care Insurance?
One
misconception is that long term care insurance benefits kick in only
when you get older. This is changing as it becomes clear that
there are many instances when a younger person may need assistance.
Auto accidents, boating mishaps, even simple slip and falls
can create the need for assistance at any age. In the past, it
was common to buy long term care insurance in your 60's or 70's.
Now it is very common to purchase long term care insurance in
your 50's. In the last few years, due to the great cost advantage
of buying early, people are making the decision to buy long term care
insurance in their 30's and 40's.
The Cost of Waiting
On average the cost of a policy will rise 8 - 12% for every year you
wait. Over a lifetime, dollar for dollar it is advantageous
to buy earlier in life. More importantly, this provides coverage
earlier in life should you need it.
Where do I Start?
The best place to start is an exploratory meeting with an experienced
professional. Due to the complexity of this product and market,
it is wise to select an agent that specializes in long term care
insurance. They will be able to clearly explain the complex
matrix of products, companies, and optional riders that exist in the
market today, and assist you to make a sound decision.
At Advocare LTC Advisors, you never pay a fee to Advocare LTC Advisors
for our advisory services. We are compensated directly by
insurance companies when
insurance is purchased.