Many adults over the age of 40 begin to wonder whether they should purchase some type of long term health care insurance policy. The people considering this coverage tend to be forward-thinking folks, the one who are concerned about what will happen to them should they ever need long term care. Since care in a many facilities can exceed $10,000 a month, the concern is a valid one.
The decision to purchase long term care insurance is a complex one. In general, very affluent people who think they could pay for it without running out of money should probably self-insure. Family history is another. Medical history is critical - in fact many types of pre-existing conditions will probably disqualify you from coverage. Types of coverage and policies vary widely as well. Some only pay for health care administered in your home, while others will help fund assisted living. The services of a qualified agent, hopefully someone whose references you have checked, are very important to help you figure out what is right for you.
Kiplingers has released a short video that might be of value to you if you are considering this type of insurance. “Who Cares? A No-Nonsense Look at Long-Term Care” is in 7 segments. Produced in part by John Hancock Life Insurance, it won an Aegis Award. You can see the 25 minute video at Kiplingers Long Term Care
More great resources are available from the Met Life Mature Market Institute. Take their Quiz to test your Long Term Care IQ, and refer to their 10 Tips for Purchasing Long Term Health Care Insurance.