Are you considering buying long term care insurance? In many cases long term care insurance can help to cover gaps that Medicare or Medicaid might not cover. There are a lot of things to keep in mind if you are considering it.

The Cost

Is the plan affordable? Many LTCI policies can be quite expensive and end up costing more in the long run than an actual stay in a care facility. You want to make sure that the policy comes out of disposable income and not make cuts to living expenses to pay for it.

The Timing

What age should you purchase LTCI? Age is a major factor for a couple reasons. First is the younger you start buying the insurance, the less you are going to pay for your policy. Remember that choosing when to start requires a balance, because while you pay more as you get older, having LTCI doesn’t make sense if you aren’t going to use it. You need to determine when it is best to get on board but not be overpaying.

Policy Coverage

Don’t assume that your policy is going to cover everything. There can be many loopholes or fine print in LTCI policies that you don’t want taking you by surprise. A good judge is to make sure that the LTCI is able to cover the cost of a nursing home when the benefits are added to your other income.

If you need legal assistance with a LTCI policy, contact Stano Law Group.