How to shop for long-term care insurance
Buying long-term care insurance can be complex. Keep these tips in mind as you begin your search:
Be open. Talk with family and loved ones about your wishes. If you're no longer able to take care of yourself in the future, what type of long-term care do you want?
Do your homework. Talk to a financial adviser or insurance broker who can help you fully understand the many different long-term care insurance policies on the market. Discuss your family history and what your health might be like when you're older. And don't forget to ask about inflation.
Start early. The older you get, the more likely you are to develop health problems that will increase your insurance premiums. Experts recommend purchasing a policy by age 45, when rates will be cheaper and you're more likely to be healthier.
Ask about discounts. If you're fairly healthy, married or your family has a plan with a specific insurance company, you may receive cheaper rates.
Never shop on impulse. Don't sign a policy without reading it through carefully on your own time. Be sure all your questions have been answered and the policy matches what plans you have for the future.