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Long-Term-Care Insurance: 3 Mistakes When Buying (And What to Do Instead)

As we age, the likelihood that we will need in-home or institutional-based long-term care services increases dramatically. Long-term care insurance will pay for some or all of the cost of this care. Given the high cost of these services, why don’t more people buy insurance that pays for them? They often don’t act because they make mistakes like the ones below. You want to avoid them, don’t you? continue reading!

Mistake 1 – Procrastination. Neither you nor I want to think that at some point in the future we may not be able to meet our needs independently. The thought is disturbing to say the least. It can even be scary.

You probably feel good and healthy right now. When you are weak, you may find it difficult to think about the future.

How to do – Just look at the numbers: The National Long-Term Care Information Center says more than 70 percent of all 65-year-olds will need some kind of long-term care service during their lifetime.

The Oregon Department of Insurance reported that in 2007, the annual cost of a private room in a nursing home in Portland was about $76,000 and $71,000 in the rest of the state. Home Health Assistance services cost approximately $31 an hour in the Portland area and $46 an hour in the rest of Oregon. These numbers are 8 years old. They are definitely much higher now.

Would you like to bet you don’t need these services? If you lose your bet, you will pay the price.

Mistake 2 – Worrying about the cost. Yes, long-term care insurance is expensive. After accounting for your cost of living and setting aside an emergency fund, you may not be able to pay your premiums.

But if you can afford the premiums and want to buy a policy, waiting is another gamble. Insurance companies carefully examine your health before issuing a long-term care policy. Unexpected health issues could prevent you from purchasing any policy if you wait too long.

How to do – Determine if you can afford a policy and if you want to buy one. Visit an insurance advisor.

Your advisor can review your financial situation with you. He can also recommend policies or policy/

Mistake 3 – Not consulting an insurance advisor. You may have read that insurance salespeople only care about selling you policies for a commission. This may make you hesitant to consult an advisor.

Some advisors may indeed. After all, there are bad apples in every profession. Not all of them are.

You need an advisor to assist you in reviewing your financial situation. What’s more, a consultant can tell you which products are available to meet your specific needs. She can also make you understand why this is the case.

How to do – After completing your basic research on the internet, meet with an insurance advisor. Realize that you are the one who decides how the meeting will go. Be prepared with a series of questions.

If the answers are unsatisfactory, or if some other aspect of the session does not meet your expectations, find a new counselor.

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