Part 5 – The Basics
Okay, so where do I go from here?
Hopefully this brief primer has provided you with some basic information about the risk all of us face and the importance of considering Long Term Care Insurance as a logical way to manage that risk. How you act upon this information is obviously up to you. But if you decide you want to know more about this important coverage, here are the steps my clients have found to be the most sensible and efficient:
Step 1 Find out if it’s right for you
Consult with a licensed Long Term Care Insurance Specialist to determine if this coverage is medically available to you. Your money pays for this insurance – but your health is what “buys” it.
Step 2 Get the facts
As critical as this insurance may be to your family’s financial and emotional wellbeing, it is crucial for you to work with a local Specialist who is knowledgeable about the cost of care in your area; who knows and can articulate the differences in the various companies policy verbiage; and who can clearly explain the myriad benefits and options to enable you to choose the level of coverage and the premium that is right for you.
Step 3 Apply for coverage
The Specialist can help you begin the application process. If you are medically insurable and receive the policy, you then have 30 days to review it. If you decide against the insurance, you receive a full refund of your initial premium.
LINKS ABOUT BUYING LONG TERM CARE INSURANCE
- FAQ’s for Buying Long Term Care Insurance
- Why Do I Need A Long Term Care Insurance Policy?
- Buy Young
- Hybrid vs Traditional Long Term Care Policies
- How Do I Pick A Long Term Care Insurance Carrier?
- Consequences Ahead
- It Ain’t Your Grandma’s Medicaid
- Affordable Health Care Act vs Long Term Care Insurance
- Federal Veteran Benefits for Long Term Care
- State VA Benefits for Long Term Care
- Glossary of Terms for Long Term Care