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Long-Term-Care Insurance: 3 Mistakes When Buying (And What to Do Instead)

As we age, the likelihood of needing long-term care services at home or in facilities increases dramatically. Long-term care insurance will pay part or all of the costs of this care. Given the high costs of these services, why aren’t more people buying insurance that will pay for them? They often fail to act because they make mistakes like these. You want to avoid them, don’t you? Continue reading!

Mistake 1 – Procrastination. Neither you nor I like to think of a future time when we may not be able to meet our needs independently. The very thought is disturbing to say the least. It might even be scary.

You may be feeling well and healthy now. You may find it difficult to think about a future when you are fragile.

What to do instead – Look at the numbers: the National Clearinghouse for Long-Term Care reports that more than 70% of people aged 65 will need some kind of long-term care service in their lifetime.

The Oregon Division of Insurance reported that in 2007, a year in a private room in a nursing home cost about $76,000 in Portland and $71,000 in the rest of the state. Home health aide services cost about $31 an hour in the Portland area and $46 in the rest of Oregon. These numbers are 8 years old. They are certainly much higher now.

Want to bet you won’t need these services? If you lose the bet, it will cost you.

Mistake 2 – Worrying about cost. Yes, care insurance is expensive. After thinking about your cost of living and setting aside an emergency fund, you may not be able to pay the premiums.

But, if you can afford the premiums and want to buy a policy, waiting is another gamble. Insurance companies carefully examine your medical condition before issuing a long term care insurance policy. If you wait too long, an unexpected health problem may prevent you from purchasing a policy.

What to do instead – Determine if you could afford to buy a policy and if you want to buy one. Go to an insurance advisor.

Your advisor can review your financial situation with you. He can also recommend one or more policies that would best suit your financial situation and meet your particular needs/

Mistake 3 – Not consulting an insurance advisor. You’ve probably read that insurance salespeople are only concerned with selling you policies in order to earn a commission. This may have made you hesitant to consult an advisor.

This may be the case with some advisers. After all, bad apples exist in all professions. This is not true for everyone.

You need an advisor to help you review your financial situation. More importantly, an advisor can tell you which products are available to meet your specific needs. It can also help you understand why this is so.

What to do instead – Meet with an insurance advisor after doing your basic research on the internet. Realize that you are the one who decides how this meeting will go. Come up with a set of prepared questions.

If the answers are not satisfactory or if another aspect of the meeting does not meet your expectations, find a new counselor.

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