Long term care insurance plays a big role in retirement and financial planning. But, with so many providers and insurance options to choose from, many consumers wonder, “what makes a good long term care insurance policy?” on their path to buying a ltc insurance plan.
As veteran long term care insurance brokers, we at Schneider & Shulman Associates have had the opportunity to work thousands of clients from all walks of life. And, while everyone’s retirement and long term care goals may be different, we’ve found that most ‘good’ long term care insurance policies share a few things in common. Below we’ve listed out our 4 tips for buying long term care insurance.
Good long term care insurance covers a number of care categories in nursing homes, assisted living facilities and at home. These categories include Skilled Care, Intermediate Care, Custodial Care, and Home Health Care.
Alzheimer’s is the 6th leading cause of death in the United States. With some 7 million Americans living with Alzheimer’s (of which, an estimated 5.5 million are 65 and older), it’s important to have a long term care insurance plan that covers the long term care needed for those who suffer from the disease.
In the event that you need long term care, financial liquidity may be challenging; after all, care is expensive and time-consuming. As such, it may be difficult to continue making premium payments on your long term care policy and, if that were to happen, your policy could be cancelled.
Waiver of Premium is designed to help long term care insurance customers avoid this challenge. With Waiver of Premium, some long term care insurance policies include an option to waive premium payments while you are receiving care – so you can receive your care then resume payments once life settles down a bit.
Many leading long term care insurance companies offer a significant discount for spouses. These discounts typically break down based on how many policies are purchased (in other words, whether one of you or each of you purchase a policy).
If you are married or have a partner and only one of you purchase a policy, discounts range from 10%-15%.
Alternatively, if you are married or have a partner and each of you purchase a policy, discounts can reach up to 40%.
Schneider & Shulman Associates is eager to help – please contact us today to speak with one of our expert long term care insurance advisors!