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Windmill Center, 1259 N. Rainbow Dr., Ste. 300, Derby, Kansas 67037

NEWSLETTER                                                                                                                                                                                                                                    APRIL 2020

IS LONG-TERM CARE INSURANCE RIGHT FOR YOU?

Clients sometimes ask me about purchasing long-term care insurance. It’s not my call but here’s what I tell them.

 

According to the National Association of Insurance Commissioners you should NOT buy long-term care insurance if:

 

  • You can’t afford the premiums.
  • You don’t have many assets.
  • Your only source of income is Social Security benefit or Supplemental Security Income (SSI).
  • You often have trouble paying for utilities, food, medicine, or other     important needs.
  • You’re on Medicaid.

According to the same association you SHOULD consider buying long-term care insurance if:  

 

  • You have many assets and/or a good income.
  • You don’t want to use most or all of your assets and income to pay for long-term care.
  • You can pay the insurance premiums, including possible premium increases, without a problem.
  • You don’t want to depend on support from others.
  • You want to be able to choose where you receive care.

Here are some shopping tips to keep in mind:

 

  • Ask questions.
  • Check with several companies and agents.
  • Check out the companies’ premium increase histories.
  • Take your time and compare outlines of coverages.

Understand the policies.

  • Don’t be misled by advertising.
  • Be sure you put correct and complete information on the application.

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