A. Can you afford a policy?
Because the need for long term care is something many of us do not want to face and may seem a long way off, we may dismiss long term care insurance as unnecessary and too expensive. While affordability is a valid concern, it is sometimes a matter of being honest with ourselves and rethinking our priorities.

 

B. Selecting the right coverage?
It is important to be sure that long term care insurance is appropriate for you, but first, it is necessary to identify your goals. Most people have two main goals when they purchase long term care insurance:

• To protect their assets

• To protect their choices and maintain control

Appropriate insurance should, within a reasonable degree of certainty, provide sufficient coverage. In other words, the policy should achieve your objectives to the extent anticipated at the time you purchase the policy, usually not more, and with careful planning, not less.

 

C. The right service mix.
Long term care services are generally categorized by where they are provided: Institutional (bursing home, assisted living/residential care facility, etc.) or home and community-based (personal care, home health care, adult day care, etc.). Assuming that long term care will take place only in a nursing home is as unrealistic as assuming that only home care will be needed. Remember, no one can predict the future, it is wise to plan for any eventuality.

 

BUYING FUTURE SERVICES WITH TODAY'S DOLLARS
Like most things you purchase, long term care services will probably cost more in the future than they do today. Inflation protection is a very important part of any policy because you are buying coverage for services based on the cost of what they wil be when needed, not on what they are today.

There are several ways to help address the impact of inflation on future long term care services. The merits of each depend on the age of the person to be insured and their financial flexibility. To fully understand the available methods of inflation protection, it is best to meet with an insurance agent to discuss in detail all the options.

 

ONLY YOU CAN DECIDE
By now, you have some information about the ABC's of long term care insurance. But, only you can determine if long term care insurance is right for you and if you should take the next step to meet with an insurance agent. Remember, your clear, candid assessment of your resources and how you want to spend them is essential.

 

(Availability of features and options varies by state. Premium will vary with choice of benefits selected. For costs and complete details of coverage, call Approved Management Concepts.)