When you buy a new home or a new car, you know you need to insure your investment. Similarly, experiencing a major life event often serves as a reminder that it’s time to review long term care coverage.
With long term care insurance, there is usually not any one single triggering event that signifies the need to purchase coverage. However, there are some signs that should indicate it’s time to talk to an insurance professional about protecting the assets you’ve worked a lifetime to accumulate.
1. Age. If you are in your 50s, it’s time to evaluate your options and needs for long term care insurance.
2. Family Health History. If you have a family history of Alzheimer’s, dementia or physical ailments such as strokes, purchasing a long term care policy probably makes sense.
3. Assets. People with accumulated assets of at least $150,000 or more (not counting homes and vehicles) should investigate long term care coverage.
4. Frugal. Being frugal is a good thing – after all, it’s what helped you accumulate your nest egg in the first place. However, if you are not spending money out of a fear that you may need it to pay for your own nursing home care in the future, you should look into buying a long term care policy.
5. Specific Care Wishes. For people who know that they would want to receive care in a certain assisted living facility or long term care unit, buying long term care insurance is smart. Some facilities are strictly “private pay” while others require people to pay from their own pockets (or insurance) for a minimum period of time before they’ll accept payment from government programs. Think of a long term care policy as a ticket to the care you want.
For those who can afford to pay the premiums to keep their policies in force, long term care insurance offers asset protection and valuable peace of mind. To learn more and to request a quote, contact us today.