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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