Long Term Care:
What is right for you?

Following are some factors to consider before you purchase your long-term care policy.

1.  Determine what care setting will be most comfortable and appropriate for you. Home care may not be possible unless family members are ready, willing and able to oversee 24-hour care giving in the home. Give this considerable thought when planning.

2.  Set a daily benefit amount. You should, perhaps, consider a co-pay arrangement to cut down on your premium expense.

3.  It is imperative that you factor in a minimum of 5% Compound Inflation Protection, especially if you are less than 75 years of age.  It will cost more, but it is more than worth the additional expense in the long run; you don’t want to fall short of your needs in the future.

4.  You may be able to get by with less than an Unlimited Lifetime benefit period, at least for one of the spouses. This will serve to reduce your premium expenses.

5.  Be certain to set your deductible Elimination Period to match your "emergency" nest egg. At $150 per day, a $13,500 nest egg could carry you for 3 months at today's prices. Many people elect the 90 or 100 day Elimination Period to reduce premium expense.  Please understand that you must keep your emergency nest egg funded for this to be successful.

With long term care insurance, one plan does not fit all cases. Develop your coverage wisely with the counsel of a professional long term care insurance specialist who can make sure you get what you need and nothing more; it is not necessary to over-insure...

Additional Long Term Care Strategies

What Is Likelihood of Disability

Duration of Disability

Long Term Care - Shocking Facts