Insurance companies can make long term care more affordable

Our California readers, regardless of age, realize that they could become disabled at some point, which would make it a challenge, if not impossible, for them to work their day to day job.

Insurance companies realize this, and do their best to provide consumers of all ages with long term care insurance. This cannot save somebody from becoming disabled, but it can most definitely help from a financial perspective.

According to AARP, there are many things to take into consideration when buying long term care insurance.

Age and health. The younger and healthier you are when buying a policy the less it will cost.The premium. It is important to choose a policy that you can afford now as well as in the future.Your income. If you are unable to make ends meet now, it may be an even bigger challenge to do so later on. Depending on your income, you may qualify for Medicaid in the future.Support system. Do you have people who can provide you with care should you need it? This can supplement the cost of hiring a professional, such as an in home nurse.Savings and investments. Your current financial situation will determine how much insurance you require, as well as the pros and cons for somebody in your position.

Insurance companies are quick to provide you with the coverage you require, however, they may not be as nice when it comes time to make a claim. In the event that your claim is denied, you must know what action you can take as a policyholder.

Source: AARP, “Understanding Long-Term Care Insurance” Aug. 18, 2014