Schneider & Shulman’s Top-10 Tips
At Schneider & Shulman Associates, we want to help you make informed choices about Long Term Care Insurance. To make it easier for you to focus on what’s important, we have compiled the following Top 10 Tips on Long Term Care planning.
- Long Term Care is not the same as medical care. Long Term Care usually involves non-medical help with such daily tasks as bathing and dressing. Health, life and disability insurance won’t pay for that. Long Term Care Insurance will.
- Long Term Care is expensive. Nursing home costs alone can run $100,000 to $200,000 a year. At the most expensive centers, the bill can approach twice that much.
- Medicare and Medicaid are not Long Term Care Insurance plans. If you don’t have Long Term Care Insurance coverage, you’ll have to pay out of pocket until you run out of money and become eligible for Medicaid. At that point, the government will decide what kind of care you receive and where you receive it. Most Medicaid-funded Long Term Care is provided in a nursing home setting, not in your own home.
- It is significantly cheaper to buy Long Term Care Insurance when you are younger. Premiums start out at relatively modest levels for those in their 40s and 50s and then rise with age. Buying younger will lock in your lower rate.
- Find out how much a nursing home or home health care costs in your area today. If you needed care right away, could you find it locally or would you have to go to another, potentially more expensive area?
- There is no one right way to plan for Long Term Care and no one right Long Term Care Insurance policy for everyone. At Schneider & Shulman Associates, we are committed to understanding your needs and personalizing a plan for you.
- Ask questions if you’re confused. Don’t allow yourself to be pressured and don’t sign anything until you have answers to all your questions.
- Seek professional help for legal, tax and insurance issues. Professionals with years of experience are experts who know the latest information and can help you with the details. A Long Term Care Insurance specialist is the best source for information about Long Term Care Insurance. Other insurance providers or financial planners may not be aware of the best plans or know the latest information.
- Before you buy a Long Term Care Insurance policy, discuss your options with people whose opinions you respect. Whether it’s your doctor, financial advisor, children or an informed friend or relative, let someone know your needs and ask for their help in making the right choices.
- The most important piece of advice we can give you is start planning for your Long Term Care today. It is truly never too late or too early to begin thinking about your future. Thinking about it may be hard, but the sooner you start, the more options you have.