When is it the Right Time for Long Term Care Insurance?

For most people under 50, long-term care probably hasn’t been given any thought. Although you may still feel young and vibrant at 45, you should really start considering your long term care plans for the future. Most long-term care insurance plans are purchased by those who are 55 and over, and it usually prompts them to buy when they see their own aging parents having the need. The bottom line here is that you should purchase your brooklyn insurance sooner than later. If you start your long term care policy while you are under 50, the better chance you have to qualify. If you are considering a long-term care policy, here are some things you should know.

Talk to a long term care insurance agent
Before purchasing a long term care policy, you want to speak to someone who is a seasoned veteran. Your insurance agent should be able to answer any questions or concerns that you may have. They should also be knowledgeable enough to guide you in choosing the best policy for you. If they are trying to sell you all the bells and whistles and you know you can’t really afford it, you should get a second opinion from another long term care agent.

Read the fine print
You need to make sure you read your policy in detail. Find out how long the exclusion period is before the policy starts paying out benefits. What health issues does the long term care policy cover? How many years will the policy carry you through? An expert should be able to explain all the details to you.

Choose coverage that fits your budget
While you need coverage, you still don’t want to get over your head. Discuss your needs and your budget so that your agent can help you make an informed decision on what you will get for the amount you can spend. Even if you can’t afford everything you want, make compromises and adjustments. It’s better to have some coverage than no coverage at all.

Always pay your premiums
If you stop paying premiums, then you have paid for your policy in vain. Don’t waste your money. Once you stop making payments, your policy is no longer valid. This is another reason why you need to ensure you do your homework and really investigate the affordability before diving in. Once you purchase a long-term care policy, it is wise to make copies and give to a family member that you trust and also assign someone to speak to your insurance company on your behalf should you not be able to.

Revisit your long term care policy yearly
Although you may not have to change your policy, you should still re-visit your long term care benefits every year. Should your needs change, you can make adjustments and additions. Your insurance agent should be willing to sit down with you and discuss any other options that are available and affordable to you.