As people live longer these days, they are more likely to need care in their later years. Costs of care are rising and passing the average person’s ability to pay. Many people are purchasing long term care policies to help pay for care and spare their family members who might otherwise exhaust and impoverish themselves. If you’re thinking about buying a policy from a long term care insurance company in Houston, consider the following do’s and don’ts.
Do purchase a policy in your 50s. That’s the best time to get a policy because if you wait too long, you could have a health event that might disqualify you. If you’re in your 50’s now, this is the best time to buy because premiums are likely to keep rising as policies get more restrictive.
Do make sure you understand the circumstances in which the policy will kick in and what restrictions to coverage exist. Standard long term care policies begin coverage when you are no longer able to perform two of your activities of daily living (e.g., eating, bathing, transferring, etc.); however, they may impose a waiting period before they start paying.
Do make sure to purchase a policy with a big enough daily benefit. If your daily benefit is too low, you’ll end up paying a lot out of pocket.
Do compare hybrid policies and traditional policies. A hybrid policy bundles long term care insurance with life insurance or an annuity. The premiums for a hybrid policy tend to be more stable, and heirs can receive a death benefit.
Don’t overlook the possibility of shared benefits for spouses. A shared benefit rider can add years to your coverage at far less than the cost of a separate policy. If you purchase a shared policy, you could get a discount of up to 30%.
Don’t choose a policy based on price alone. It’s more important to choose a reliable company that is likely to be around when you need it.
Don’t try to make a decision without getting advice from an insurance expert who can help you understand the differences between policies and the companies that sell them. An insurance professional can help you avoid companies that are known for being reluctant to pay benefits. For more information about a long term care insurance company in Houston, visit website.
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