Long Term Care
“When should I look at a long term care policy?”
Before you need it. When you are healthy. When it may be cheaper.
Despite our best efforts to stay healthy, we all get older. If you wait until something goes wrong, you may find coverage very expensive or even unavailable.
You don't look for car insurance after the accident. Likewise with long term care, you should not wait until you are older before looking at long term care insurance. Start early. Start looking before you need it.
Keep in mind that insurance companies alone determine insurability and some people may be deemed uninsurable because of health reasons, occupation or lifestyle choices. Guarantees are based on the claims paying ability of the issuing company.
"Can I afford long term care?"
The good news is that Long Term Care policy premiums vary. The bad news is that finding the right policy balancing affordability and coverage is not easy.
Costs and premiums have indeed gone up over the years, but so too have the different kinds of policies. Policies can be designed. You can pick the amount of coverage, the length of coverage and the premium paid. Some policies cover two people, some just one. Some have inflation protection, some do not.
Do not put off seeking long term care quotes. It costs nothing. It may be more affordable than you imagine.