Determining Your Long-Term Care Insurance Needs

Long term care graphic

As you age, planning for your future becomes a necessity, and having a plan in place can help alleviate stress. A long-term care insurance policy will protect your life savings and can offer you more choices for care down the road. Long-term care insurance is a policy that provides coverage for necessary care such as nursing home stays, in-home support for daily activities, and more.

To find the policy that is right for you, it’s important to keep a few key factors in mind as they can determine the type of policy that’s most beneficial to your future.

Your Age and Health

Two of the main factors that come into play when considering which insurance is right for you are your age and your health. Your health is a serious factor as it will determine what type of care, and how much care you may require. If you know you have certain health conditions that may worsen over time, it’s important to factor that into the policy you pick. It’s also important to note any health issues that may run in your family. Securing an insurance policy as soon as possible, can also lower the premium amount you may pay each month. It is recommended to have a policy in place by the age of 60, though a good age to start looking is around 40-50.

The Cost of Care

It’s important to research the cost of care where you currently live, or where you except yourself to be in the future. Nursing homes can cost over $100,000 annually, and that rate differs in each state or area you live in. With this information, and accounting for the costs to go up year over year, you’ll have a rough estimate of the cost of care that you may require. This is a significant piece to consider when looking for care. If you live in a state that has a high cost of care, and you know you will be solely relying on paid care, you will require a policy that can match that.

Your Current and Future Financial Status

Long-term care can be incredibly expensive. Oftentimes, funds for long-term care come from other insurance programs, private policies, veterans’ benefits, personal funds, and more. When looking for a policy, diving into your personal finances and current benefits/programs is vital to have a good understanding of your situation.

Are You Relying on Family or Friends for Care?

Another important piece of the policy puzzle is to look at your future as broadly as possible. If you will be relying on family members or others for potential unpaid care, you should consider that when looking at policy options. This can minimize your need for potential paid care in the future. It is imperative to keep in mind that this option may not be of 100% certainty.

AIB Can Find You the Right Coverage 

Our team at Advisors Insurance Brokers can help you find the right policy to protect your future. Let our experts guide you through the insurance process and secure your future today.

Call us at (800) 695-8224.


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