Mistakes to Avoid When Considering Long-term Care
Thinking about long-term care planning can be overwhelming, but there are a few things that might help. By avoiding some common mistakes you can create an effective and cost-saving plan for long term care.
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The “it won’t happen to me” or “I still have plenty of time” attitude!
No one wants to believe or expect they may need long-term care in the future, no matter how far in the future it may be. But, the risk is a reality. It will be too late to consider long-term care protection once you need it. Don’t wait until that time to decide to plan for your future.
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Believing someone else will pay for your long-term care.
Government programs are generally means tested. Only those with little or no money will qualify. In our current economic environment state and federal budget constraints are making it harder and harder to qualify. And count on a long waiting period if you do qualify. If at all possible, buy your own insurance. It is YOUR responsibility to plan and protect yourself. Another option may be to have a frank talk with your adult children. They may be able to assist in payment of premiums. Eventually, the burden will fall to them anyway.
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Buying long-term care insurance from an inexperienced and uninformed agent.
This is a big purchase, so you want someone who knows the ins and outs to guide you through the process. Look for a knowledgeable experienced agent who specializes in the field, can review the best policies available to provide you the best coverage for the best price, and who can explain everything to you along the way.
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Comparing products from different companies and buying the cheapest.
Large spreads in premium costs usually mean significant differences in coverage. Your goal should be to minimize out-of-pocket costs when you need care later in life. The plan needs to be the focus, not the price. Most top tier companies are priced similarly for similar coverage. Finding the right policy can be one of those, "Pay me now, or pay someone else MUCH MORE later.
If you want to avoid these common mistakes of long-term care planning, please contact us so we can help. After all, if you are even thinking about it, you are on the right track. Let us help guide you in your decision making process!