How to pay for long-term care insurance
Long-term care insurance can provide the additional resources most families need to enable an elderly loved one to have the best care. Take a look at the information in this Do You Need Long-Term Care Insurance? graphic to help make you decision.
Experts say that 45 is the best age to start looking for a policy, but if this is for your parents, then start looking immediately. Waiting until they begin experiencing health problems will greatly increase the premium. Looking toward the future is necessary if you want to keep your rates down. There are a couple of ways to pay for this type of care without insurance.
- Sell the home: You or whoever is needing the care can sell their house to pay for it since they will be moving into an assisted facility.
- Savings: Investment accounts or something similar that have been built up over the years could contain enough money to pay for the required care.
If neither of these options are viable, long-term care insurance may be the way to go.
Make sure that you are getting your money’s worth with your long-term care insurance. Here are a couple long-term care insurance shopping tips to keep in mind when searching for a policy.
- Be open: Having an honest conversation with your family about what is needed so that you can get a policy that reflects those needs.
- Take your time: Don’t buy the first policy you hear about. Look around so that you have a better understanding of the price range and services offered.
Taking every step will result in a policy that covers every one of your requirements, and will make it easy to get into one of the customer reviews top rated Angie's List nursing homes in Seattle. You are trusting your care or the care of a loved one at this place, and having quality insurance will allow you to pick a place worth staying.