Long Term Care is one of the foremost issues facing Americans today, and it’ll only get more urgent with time as our nation ages. While we are living longer as a nation, a lot of people still have little to no clued about the fiscal and emotional pressures on their ‘long life care’. Planning is the first important step to make sure that you prepare for Long Term Care and reduce the impact it has on your future. This checklist provides an easy but useful planning checklist.
If you have a financial planner, ask them the following questions
- Given my age and health status, how much LTC coverage might I need, and how much is this likely to cost?
- Can my assets and savings contribute to my long term care plan?
- Can I use life insurance or annuity to pay for long term care?
- What legal and financial documentation is needed for me to complete my long term care plan?
- Depending on projected costs of care, is LTC insurance going to be a sufficient way to cover both yourself and your spouse? How does LTC insurance affect your overall financial plan?
Ask your insurance agent the following questions
- I’m I qualified for LTC insurance?
- How can LTC insurance compliment my existing insurance coverage?
- What is the cost of a Long Term Care insurance policy?
- What care services are covered by long term care insurance?
- What does elimination period refer to?
- How much would I pay in premiums? Is the rate fixed or should I expect a possible increase in the future?
- Are you licensed in my state, and do you have the necessary qualifications to sell LTC policies?
- How imminent is the need for long term care?