When Should You Buy Long Term Care Insurance?

Long term care seems a household term nowadays since both media and the government collaborate to educate the public on its impact. There have been so many studies and surveys to address the problem with long term care in the country, and such findings show the realities aging.

Yes, many of us cowardly accept the reality of having not just a wrinkled face and frail body, but the likelihood of having serious ailments or just an infirm body that limit us from performing habitual activities. Have you ever think that one day your loved ones will move you to a nursing home because they can no longer attend to your needs? The time you need long term care services is very uncertain, and this explains why long term care plan is important.

When to purchase long term care policy
If you are among those who plan to delay their long term care planning and buy policy right after they get ill or disabled, you are surely making the worst decision of your life. The age has something to do with the price of the premium: the younger you are when you obtain the policy, the less expensive your premiums will be. However, it is not advisable to obtain a policy as young as 18 because the premiums will surely increase. Financial planners recommend buying of LTCi policy at the age of 40 to 50, the age not too early to plan and not too late to develop a certain disease and/or disability.

Most insurers don’t sell policies to individuals over the age 85 and with any pre-existing medical condition like diabetes and heart disease. Companies also conduct underwriting to sort out only the eligible applicants for the insurance benefits. Don’t believe in companies offering below the market priced premiums because those kinds might only taking advantage on their preys to reap sales. Therefore, the rule of thumb is don’t believe in companies that sound too good to be true.

Sorting the Most Important Policy Features and Benefits

Most policies come in laundry list of product benefits and features, which consumers find confusing. A long term care insurance glossary may help you understand some of the terms.

There are different features and benefits that you can mix and match to design a policy that best matches your needs. The first thing you should look at any LTCi policy is the benefit triggers: the conditions that must exist prior to qualifying for benefits. All policies must clearly describe the eligibility requirements.

The Activities of Daily Living or ADLs are the most used benefit triggers. This can be purchased when you lost the capability of performing two or more ADLS.

A good long term care insurance policy covers all levels of care in different settings such as adult day care, assisted living facilities, and nursing homes. Always assess yourself which exactly the type of service and facility you want to be covered in the policy.

Also, the non forfeiture benefit feature must be available in your policy because it protects your benefits even if you drop or stop paying the premiums. The waiver of premiums allows you to stop paying premiums during the time you are receiving the benefits.

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