Now that you’re getting older, you’re starting to think about how you’re going to pay for your long-term care. Healthcare costs are very expensive, especially once you get into your retirement years. That’s why many people opt for long-term care insurance.
Before purchasing a policy, here are some factors you’ll need to weigh.
The Cost
First, can you afford to pay for your long-term care insurance premium every month? Over the course of a year, it’ll likely cost you around $2,500 to $4,000, but those costs will vary depending on your age, location, gender, and coverage level.
How Long Benefits Will Last
You can purchase a long-term care insurance plan that will last for 12 months or for years. The longer your plan is, the more expensive it’s going to be as well.
If You’ll Qualify for Medicare and Medicaid
Medicare will not cover much of your needed long-term care expenses. Medicaid, on the other hand, will. If you purchase long-term care insurance, then Medicaid should pick up the rest of the costs your insurance doesn’t cover.
Your Age
The older you are, the more expensive your coverage is going to be. It’s better to purchase a plan when you’re in your 50s and in good health than when you’re in your 60’s or 70’s, especially if you’re suffering from any health issues. However, it could still be worth it to get a plan even if you’re older.
Policy Limitations
Typically, policies have maximum daily benefits (MDB), policy maximums, and elimination periods. EPs are periods between when you need care because you are ill or suffering from an injury, while an MDB sets the amount that the insurance company will pay out each day. You’ll need to read the fine print and see if these exist in your plan before purchasing it.
Contact Legacy Law Group
If you need help with estate planning when it comes to your long-term care, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.
