Long term care insurance

Isn’t just for nursing homes any more.

I am not the first to note this, I will not be the last and as our population ages there are some concerns that we all should be thinking about. In brief, I would offer this tip for you….think about the insurance you currently buy.

You pay for auto and home insurance and hope that you will never use it. The chances are really good that you won’t need your home insurance and if you drive good and yet you gladly will spend 2,000 a year or more for a home and 2 auto policy…..MORE if you have teenage drivers.

Yet, for a long-term care policy, most people do not think about it and yet it is likely that 40% of us if not more will need something in the long-term care area. The odds are much better that we will need such a plan than for our car insurance.

While I do not practice being an alarmist, I will suggest that you educate yourself about this type of a policy. It will pay for a Skilled nursing facility (e.g. Rest home), an assisted living arrangement, or home care up to the amount you decide to buy. For the money, it is an excellent deal.

I also, do not recommend at this time, hybrid plans. Get yourself one that is just a straight LTC plan. It is cheaper for you that way.  Consider getting one once you reach 50 and seriously plan to by the time you reach 60. It is cheaper at 50 by a lot but I understand why a person would wait.

If you have questions, type them out here and I will try to find the answer. No high sales pressure, just an honest to goodness thought that this stuff matters.

When you have need to get that Long term care, you will want to be able to say “I have that covered”