In recent times, pharmaceutical advancements have seen a spike in life expectancies in New York and across the world. Therefore, it only makes sense to put in a lot of thought into what kind of long-term care insurance suits your needs best. This being said, there are several pitfalls as far as long-term care policies are concerned.
The general perception is that Medicare takes care of the long-term care needs of those not as well off. The affluent tend to opt for out-of-pocket care. Although some do pick a policy so that they can leave their heirs some money. The majority of people, however, do not fall into these two buckets. The decision isn’t simple for them as a result, considering the ever-soaring prices of long-term care insurance.
There is often a propensity for procrastination when it comes to buying long-term care insurance. People wait until they are well into their 60s to act. Needless to say, those who wait will have to pay higher premiums. Also, their health might have deteriorated by the time they purchase a policy which makes them ineligible. This is why it’s better to start planning before turning 60.
Here are a few things to be mindful of while making this critical decision:
1.The advantages of shared benefits in policies shouldn’t go unnoticed. This way, if a couple purchases a policy, the benefits available to one spouse are effectively doubled.
2. Factoring in inflation is crucial. You don’t want to be losing a large chunk of your insurance to inflation and rising costs by not timing your purchase right. Options like guaranteed purchase should be explored, which afford you the opportunity to buy coverage in installments.
3. It is more than just qualifying for benefits. Always remember that qualifying for long-term care benefits isn’t a guarantee of your insurer paying your claims immediately. There is definitely merit in getting an expert in this field to look into the fine print of your policy.
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