Long-term care insurance: Tips for making it affordable

Long-term care insurance is something that many people avoid thinking about until they get older. The longer you wait to make your purchase, though, the more expensive it will be. However, according to some experts, there are tips for making it more affordable.

— According for one independent insurance agency president, 50 is about the magic age to start shopping for long-term care insurance. However, if you’re past that age, don’t give up. If you’re at least 60 days before your next birthday, you can apply and get a price that is based upon your current age.

— Plan for long-term care realistically. The U.S. Department of Health and Human Services reports that nearly 70 percent those who are 65 today will have a need for long-term care. In addition, the DHHS says that 20 percent will have a need for it for over five years. The first thing many people think of is that they will be in a nursing home — so many people just refuse to think of it. However, 80 percent of those who will have long-term care will be living at home, according to a Congressional Budget Office report from 2013.

— Consider a simple policy. When you’re gathering quotes for long-term care insurance, get a quote for coverage that is “good, better and best,” so that you can see what is offered in each policy. Selecting a policy without all the “bells and whistles” can help you save a lot of money.

These are just a few tips that can help you find affordable long-term care insurance. If your long-term care policy does not pay out as expected when needed, you may need the advice of an experienced attorney to address a denied claim for coverage.

Source: USA Today, “5 insider tips for finding affordable long-term care insurance,” Barbara Marquand, Sep. 18, 2016