Should you buy long-term care insurance?

On Behalf of | Jul 31, 2020 | Long-Term Care Planning

Some people buy long-term care insurance as soon as they can, while others continue to put off the purchase. The approach you take depends on a variety of factors, including your budget and personal beliefs.

Here are some things to think about if you’re on the fence regarding the purchase of long-term care insurance:

  • Your age and health matter: As a general rule of thumb, the younger you are the less you’ll pay for long-term care insurance. Just the same, if you’re healthy, you can save money.
  • You may never use it: Long-term care insurance benefits only kick in if you require some type of long-term care, such as a stay in a nursing home, in the future. However, it will give you peace of mind, as you now have a clear idea of how you’ll pay for care should the time come.
  • It’s good for your loved ones, too: If you don’t have long-term care insurance, you may be at a loss should you require care as you age. For example, if you don’t qualify for Medicaid, you could get stuck paying out of pocket for the cost of long-term care. As a result, you have fewer assets to leave behind to your loved ones upon your death.

Think long and hard about the benefits of buying long-term care insurance. You may realize that this is the perfect addition to the long-term care plan that you already have in place.

If you’re ready to take action, contact three to five long-term care insurance companies to request a quote. This will give you everything you need to make an informed decision. In addition, an attorney experienced in estate planning can help you get the answers you need.