Oct 26th, 2017
If you haven't enrolled in a long term care policy, it's important that you know your options. Long term care can be extremely costly, and if you don't have a policy in place you could end up in a difficult financial situation. Many think that their retirement fund or short term care will cover them post-retirement, but the now that people are living much longer that isn't the case.
Long term care can cost up to $80,000 plus a year with a policy. Many people are unable to afford this, but even if you do have the money you could end up draining your savings, or causing loved ones to drain theirs.
However, enrolling in a long term care policy can give you the coverage you need, by paying a monthly premium. This is a good options, however, you need to be aware that prices in premiums are conducive of change. You may be subject to rising premiums. The earlier and healthier you are able to enroll is a smart way to pay lower premiums.
You have other options, though. You may want to look into enrolling into a hybrid policy. This is a policy that combines long term care and life insurance into one policy. The good thing about this policy if that you don't face rising premiums and in the event that you don't use your long term care, you are able to leave your investment to the beneficiaries. The only catch, is that you may have to put down a large sum of money upfront. Many insurance companies are coming out with better payment plans where you can pay this lump sum in installments.
Obviously looking into your options is the best choice. You want to get the best plan for you and your family. You also want to enroll as soon as you can because the earlier you start investing, the better. Depending on your finances, you should speak to someone who has your best financial interest at heart. You just want to make sure that you have the coverage you need, and that you and your family have the coverage you need.