If you are unfamiliar with long term care, now is the right time to get yourself acquainted with this plan and the extent of its coverage. Why? You might find yourself need this coverage in the future and the costs for these service do not come cheap. In this process, you might encounter different long term care insurance questions which could confuse you and leave you without any coverage at all. Don’t let this happen to you. To help you act now and decide for your future, here are some questions that you would need to ask yourself regarding long term care.
Do you really need a LTCI policy?
To answer this question, it would really depend on your family medical history, your current physical condition, your lifestyle, etc. For some people, they can go through life without having LTCI coverage. They either have very good genes and healthy lifestyle that do not make them need this type of insurance. If you are part of the country’s wealthy few, you wouldn’t also need coverage if you can afford to pay for the cost of long term care. On the other hand, if you have a record of cognitive diseases in the family like Alzheimer’s or dementia, a long term care policy would come in hand in the future.
Which company would you need to sign up for?
Another questions about long-term care insurance that you might encounter is which insurance company you would need to choose. Others might go for major long term care insurance companies while others would opt to go for smaller companies. Whether it’s a small company or a large one, be sure it’s a company that you know and completely trust. You can ask for your family and friends for referrals or you can check what customers say about their own insurance providers.
What’s the best age to start for your policy?
There is no age requirement when you enroll in a LTCI policy, but it’s always best to start early if possible. We wouldn’t really know at what point time in our lives we would need long term care. Some may require LTC early in their 40’s while others may require this type of care well into their 60’s. If you prepare and start early for your LTC need, let say in your 30’s, your premium rates would not be as high as policyholders who are just starting into their 60’s.
These are just some examples of ltci questions that you would need to ask yourself. You have to know if you would really need a long term care insurance, which company that you need to sign up with and what ‘s the best age you can start on your LTCI policy. There are other questions that you would influence your decision. However, the important thing behind knowing the answer to these questions is that you are prepared for the future as your long term care needs are covered with these policies.