For many of us, the chances are high that we or someone we love will have to face a long-term illness during our golden years. If that were to happen to you – are you prepared? How would you cover your living expenses, much less the medical costs associated with long-term care? Perhaps you’ve thought about purchasing long-term care insurance but didn’t quite know where to begin. Before you choose a plan, there are several factors you may want to consider:
- Your health: Cost is always a factor, and if you are relatively healthy, you will have lower costs associated with purchasing a policy, so it may be better to buy now, rather than wait until it’s too late.
- Your age: Younger age is also a factor in obtaining low-cost, long-term health care policies.
- Your family and friends: Do you have enough family and friends that will take care of you that the costs you may need for your long term care may be minimal? If so, you may opt for policy features that lower your insurance premiums.
- Income: If you have a fixed income and still have plenty of disposable income, long-term care insurance may make sense you. Be penny-wise when it comes to purchasing long-term care insurance if you’re barely making enough money to cover all your living expenses.
There are many other important factors to consider: taxes, your savings accounts, your assets, policies your partner may have, etc. If you are interested in long-term health care insurance, please consult with an attorney who can ensure your complete understanding of the benefits and risks. The more you know, the more prepared you will be for whatever lies ahead.