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Should I Be Thinking About Long Term Care?

The first thing you have to think about is that Long Term Care does not have to be at the end of your life. The standard wording says that you must be incapable of performing two (or three depending upon the company) of the six Activities of Daily Living (ADLs). This probably will never affect you, unless you ski or ride in a car or walk down a sidewalk somewhere, but if you plan to live and grow old, it may be very useful. In fact, it may save your life.

The real question is not, “Should I buy Long Term Care Insurance”, but how much and what type should I have. There are so many things to consider in buying Long Term Care Insurance. Never buy out of fear or on emotion. You don’t want to buy an amount that is inappropriate for you, because you can actually customize your coverage. There is inflation to consider, and you can get a policy with or without inflation coverage. Obviously without inflation coverage is much cheaper. You can get coverage that pays whether you are in a facility or not, or only in a facility. That changes the cost as well. You can get a limited benefit period, or lifetime coverage. That is another price change. You can pick the amount of daily benefit you want, because you may decide to choose a lower premium today and make up the difference out of pocket when you use the care.

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