When to get long-term care insurance
If you think you're still too young to think about long-term health care in your old age, think again. The optimum age to start paying for long-term care insurance is 45. For each birthday after that, expect the premium cost to go up.
Having a high-quality policy will allow you to get care from the best nursing homes when the time comes. Of course not everyone will need long-term care insurance. There are other options such as savings and investments and reverse mortgages. Find out more in this Do You Need Long-Term Care Insurance? infographic.
Looking ahead to your future needs for long-term care allows you time to look around while you still have a lot of options. This is not a decision that you should rush into. Finding the policy that is right for you can take a considerable amount of research. Here are some things to look for:
- Is inflation protection necessary? This raises the amount of money you receive by adjusting for inflation.
- Is home care covered? For example, are home health aides, adult day care, and fees for home modifications covered?
- What kind of discounts can you receive for good health? Make sure you are getting rewarded for your condition.
Only eight percent of employers offer long-term care insurance, so odds are you are not covered already. You can fix this by following the proper steps when shopping for a long-term care insurance policy. Insurance companies can help you find the best policy and help you decide when is the best time to purchase one. You can make your work easier still by only considering Angie's List's top rated nursing home facilities in Denver for your eventual care.