A person that has a low income and is living off of SS (social security benefits), Supplemental Security income (SSI) or Medicaid needs to take a serious look at at whether they can afford the ins premiums. If you fall into these categories, the cost of coverage for a long term care insur policy could be very expensive. The best long term care insurance policies would be a burden or impossible to pay.
Staying independent with a large asset, such as a home, saving or investments... could look at LTC as assest or income protection. For a person who doesn’t want the federal government to get involved, a long term health insurance policy
would be just the thing.
A Golden Rule to follow.... if you are not able to afford the premium for a long term care insurance policy do not purchase one. DO long term care insurance comparison shopping with different insurance companies. This will help you to decide if one is affordable. Premiums for health care are for life, so a person will want to make sure they are able to obtain all the information that is available so as to make an informed decision.
Another Golden Rule... don't sign on the dotted line or write a check for your first month's premium until you read the policy in detail. Take it home and read very carefully. Call your broker and clarify anything that you do not understand.
A person who considers themselves high risk because of mega health problems may not be able to obtain long term care insurance. Some insurance companies have underwriting policies which means that if you have an illness or monumental medical challenges before you purchse long term insurance, they will not cover you.
BUT, don't hestitate to find out. I had some medical conditions that I thought made me uninsurable and I was insured at the average premium cost with a John Hancock long term care policy. What is very important is to be honest about your life's health history
when you fill out the forms, interviewed by brokers, and the insurance company when getting a quote.
Ask your long term care insurance agent to go over a worksheet with you to help decide if long term insurance is affordable. Some states require that an insurance agent do this before letting a person purchase a policy for long term care health insurance.
The best way to know if you are able to afford the insurance is to have the agent from the ins company fill out this worksheet.
Looking closely at your income resources, community resources, your assets and talking over long term care with your family would be a good place to start if you are considering long term care insurance. When it is possible for a person to purchase a policy, it is important to be able to pay the premiums and to have one that protects against inflation. It's like being a homeowner or renter, you would not sign a lease unless you could meet the payments. Make sure that the long term care policy has the coverage that will fit your needs and does not become a liability.
Research all the possibilities in regard to long term care health insurance, before making the move to purchase a policy. I got lucky. I was looking to purchase LTC insurance when an agent called who had received my name from a leads source. He was so easy to work with on the phone that I made an appointment to meet him. His honesty, integrity and patience won me over.
If you live in Illinois, email me and I will give you his information. I have nothing but glowing things to say about him. What I like about him is that he has over 10 years in the industry and is licensed to help you with all the insurance companies that LTC insurance. While I was sitting with him, he called a couple of companies and asked for prequalification before taking the time to fill out all the paper work. Now that is personal service when it comes to long term care health insurance!
Our hopes is that this long term care reviewwill help you to make a decision about what is best for your long term health care. To get additional information about your long term care insurance possibilities, obtain a free long term care insurance quote today!
