Start Thinking About Long Term Care Now!
Long Term Care

Long term care health insurance is something most people think about probably far too late in life. The worst time to shop for long term care insurance is when a loved one becomes incapacitated. Unfortunately, now all the insurance companies have got you where they want you. Some won't offer coverage at all, and some will offer you plans with very high premiums.

Therefore, the ideal age to start thinking about long term care is when you're in your early 50s and in good health. Or if you have a parent or relative who is getting older, you as a potential caretaker, should start thinking of long term care insurance sooner than later. Signing up for coverage early on will get you lower monthly premiums and eliminate the possibility of the insurance company disqualifying a patient for a pre-existing condition.

How Medicare Works

Medicare supplemental plans will not cover any long term care. Medicaid programs do cover nursing care for indigent individuals. However, this usually requires that all assets and income of the patient be spent before the state starts paying anything. That's an awful lot of property and money to be wasted.

But long term care insurance can help the situation. This insurance can pay for nursing care in a senior daycare or for custodial nursing. Also, a portion of your premiums may be tax-deductible depending on your income. But different long term care policies have different inclusions and exclusions, and so a smart shopper should study health insurance plans carefully before deciding.

The Importance Of Thinking Ahead

Long term care costs are very high today and are expected to increase all the more so as a new generation retires. Even if you're young, you're not completely worry free. What if one of your parents becomes incapacitated? Will you be able to take care of them? Will you have to tap into your reserves or your retirement fund to help them out? Long term care insurance protects you from future expenses, and the sooner you sign up, the less money it might cost you in the future.