Summary of Buying Long-Term Care Insurance

Beyond price, what should you look for in a long-term care policy? What variables are the most important? Since long-term care insurance is designed to help with the finances of providing professional care for individuals who are no longer able to perform activities of daily life, you need to consider its costs for the benefits it provides. If there is a close caregiver at home who can provide those services, then you do not need to pay for a professional caregiver. However, as is often the case, one cannot accurately predict the future to determine exactly who will need the care and who can provide it. A long-term care policy takes out the guesswork.

There are many factors to consider, but it boils down to a lifestyle choice. It is best to make these choices well in advance of needing long-term care. So, when making your retirement plans, don’t forget to include a plan for that time when you will no longer be able to care for yourself. Who will provide that care and where will the money come from to pay for it if it must be provided by a professional caregiver?