Shopping for Long Term Care

In the most recent copy of USA Weekend Dated April 1-3 2011 there was a brief article about shopping for Long Term Care Insurance (LTC). The article quoted Genworth's study that median cost for assisted living are now over $3,000 per month. Nursing home care is a lot more expensive and in many areas Assisted Living costs are much higher as well. One of the key points made in that article is that you should not overbuy protection. They appear to define that as a recommendation to only buy a 3 year coverage program. However that recommendation is flawed when one does not take into account the state of residence of the insured, the health history of the insured and the financial status of the insured. Only a consultation with a LTC professional licensed to sell LTC can help you determine the right amount of coverage for you and the ideal length of coverage that you should purchase.
One of the other key points in that article is to Shop for coverage early. That is very true. The author says start in you 50's. Unfortunately for many clients they already have medical conditions that could make them medically uninsurable by their early to mid 50's. So many potential LTC clients waited one doctors appointment too long, to make a decision to purchase LTC insurance. Many clients that are still insurable in their 40's will not still be insurable in their 50's. The risks of going without a comprehensive coverage plan are almost unbelievable and are growing faster than the rate of inflation. Everyone should talk to a licensed professional LTC agent like us.