Summary of Is Long-Term Care Insurance Appropriate for You?
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Summary of Is Long-Term Care Insurance Appropriate for You?
Is long-term care insurance suitable for you? There are many alternatives that you may want to consider, as well as whether a policy is financially sound, and the usual affordability issues. Both your personal and your financial circumstances will determine whether you should have a long-term care policy. Understanding how long-term care insurance works will help you determine its suitability for you.
Practical Ideas I Can Start with Today
- Estimate how much risk I can assume on my own for the risks I want to cover.
- Consult my state insurance commissioner to see whether it offers a partnership for long-term care program.
- Prepare a lifetime forecast of income, expenses, and accumulated net worth to estimate how much I could have available for long-term care needs.
- Consult a financial planner or long-term care insurance specialist to help me estimate my future long-term care needs.
- Set up a dedicated source of long-term care premium payments—such as a separate account at a financial institution.
- Go online or contact an agent or broker to get several quotes on my chosen type of insurance from a strong insurance company.
What you have learned
- Letting the Government Pay for Your Long-Term Care
- Paying for Long-Term Care on Your Own
- What Is the Value of Long-Term Care Insurance?
- Future Issues in Long-Term Care Insurance
- Future Issues in Long-Term Care
- How Can You Afford Long-Term Care Insurance?
- Long-Term Care Insurance: Buy Now or Wait?
- A Sensible Approach to Paying for Long-Term Care