[VIDEO] 4 Tips to Buying Long Term Care (LTC) Insurance

As you get older, the pressure to plan for long-term care costs rise with your age. To get a good deal on long-term care insurance, here are 4 tips for you when buying long term care insurance.

Tip 1 – Assess your risk. When you’re searching for the right LTC policy, first determine what risks you’re wanting to cover. After weighing all your risks, you can then determine how much care you could potentially need, which makes budgeting much easier to calculate. Here’s some things to consider:Hereditary conditions, Your personal health, Family longevity, Availability of family caregivers, And your personal preferences.

The second tip – Determine affordability. Premiums on long term care insurance have continued to rise in recent years, mainly due to original assumptions that insurers made turning out to be inaccurate. With the expectation of traditional long-term care premiums continuing to rise, people have started to look at hybrid products that combine LTC insurance with life insurance. Hybrid policies can be expensive as well, though – so make sure you have a good deal. There are even some income annuities that allow you to double your monthly income for a period of time to help with a long-term care situation should one arise.

Tip 3 – purchase early. According to many studies,It’s ideal to buy LTC insurance in your 50’s. As premiums climb each year you age, the costs can skyrocket if you’re trying to buy LTC past 65. Also, keep in mind that long-term care insurance is based on age and health, so it’s important to buy while you’re in good health and can better pass the underwriting standards of insurers, allowing you to benefit from more affordable premiums.

And the 4th and final tip – consider working with an independent insurance advisor. Independent advisors are not tied to any particular insurance company and have the freedom to price shop on your behalf to help you choose from a wide range of LTC options in order to customize their solution around your financial situation.

Whatever you do, don’t let the pressure of LTC insurance get to you. If looking into long-term care insurance is something you’ve been thinking about, we’re here to help you every step of the way. Please call uswith any questions you may have, and we’ll be sure to educate you on your options and help search for the best LTC policy for you!