| You may be concerned about insurance coverage | | | | Like most health insurance, long term insurance |
| in your old age. It's hard to predict how long you'll | | | | only covers care from a specified network of |
| live, whether you'll end up in a long-term care | | | | providers, hospitals and nursing homes. Some |
| facility or nursing home, or just need aid in your | | | | types of policies and companies cover |
| own home. If you do, how will you pay for it? | | | | percentages of your future health care costs, |
| Many people choose to buy long term care | | | | while others offer a fixed amount for each day |
| insurance, but how do you know whether this is | | | | of care. Be cautious in your choices, and be |
| right for you? And how do you choose a provider | | | | certain that the long term care insurance you |
| and type of long term care insurance? It's | | | | choose includes inflation protection, as you can't |
| important that you don't choose the wrong type, | | | | predict how much each day of care will cost |
| or an unreliable insurance company. | | | | decades in the future. |
| The first thing to consider is the cost. If you | | | | It's important to consider any pre-existing |
| struggle to pay your everyday expenses and | | | | conditions you may have, as many long term |
| monthly bills, or if your only form of income is | | | | care insurance companies will charge you extra or |
| Social Security, then the last thing you need is to | | | | even not accept you at all. You should also look |
| add another monthly payment to worry about. | | | | into what sort of care is covered by the policy. |
| After all, there's no point in paying for it now if | | | | Typically long term care insurance is much more |
| you have to cancel it later, before you ever get | | | | limited in its network of providers than traditional |
| to enjoy the benefits. However, if you have | | | | health insurance. As you are planning for the |
| enough assets and a chunk of money in the bank, | | | | future, be sure to select a reputable company |
| or a significant long-term income, it's probably a | | | | that's been around for a long time. There is no |
| wise investment, as long term care insurance will | | | | point in giving your money to a company that |
| help you to remain financially independent after | | | | goes out of business long before your old age. |
| you begin to need a bit of help with everyday | | | | And don't forget to read the fine print. If you |
| living. Your family members will be grateful that | | | | don't understand some of the terms used, make |
| you planned ahead. | | | | sure your insurance broker explains them to you |
| So how do you decide what type of long term | | | | clearly. It's your own health; look after yourself |
| care insurance policy is right for you? | | | | and you won't regret it. |