For example, those who qualify for Medicaid
probably won’t need long-term care insurance, unless they live in
California, Connecticut, Indiana, or New York, notes the author.
“Those states have Partnership for Long-Term Care programs that allow
policyholders to qualify for Medicaid without spending themselves into
debt,” the article stresses.
Those who expect to amass more than $1.5 million in assets probably
won’t need such insurance either as they’ll be able to afford nursing
care.
But if you’re somewhere in the middle, chances are that
purchasing this insurance will be to your advantage.
While it’s always good to prepare for the future, note insurance
experts, there is such a thing as buying long-term care insurance way
too early. Even though some insurance agents will pressure
baby-boomers to buy while in their 40s or 50s, the fact remains that
because this insurance is quite new, companies have already been forced
to significantly increase their premiums. Therefore, locking in a
rate at an early age doesn’t hold any guarantees.
The Associated Press article also notes that those who have some sort
of chronic illness, like diabetes, may want to purchase the insurance
between the ages of 55 and 60. For others, shopping for long-term
care coverage should happen around age 65.
The article also stresses that good insurance of this type should
include “home care, assisted-living facilities and nursing homes, and
because most people prefer being at home, the coverage should include
adult day care, hospice services and respite care.”
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