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Do I Need Long-Term Care Insurance?

Long-term care insurance is a supplemental insurance designed to help mitigate costs of long-term care. Nursing homes, adult foster homes and assisted living facilities can cost upwards of $250 a day. This is tremendous cost for those in their Golden years, and often it s very hard to save for long-term care, as many adults do not know when if they will even need a long-term care facility. There are some important factors one must consider when buying a long-term care insurance policy.

Age Matters

If youӲe below the age 65 or over the age 70, you may not want to purchase a long-term care insurance policy. If youӲe under the age 65, you most likely donӴ need a long-term care policy yet. YouӲe too young to take advantage of the policy, and you wonӴ need for many years. YouӤ likely be paying premiums for no reason. If you wait until after the age of 70, you might be dinged for age and your premiums will be quite high.

Money Matters

If youӬl likely be in a lower income bracket in your later years, a long-term care insurance policy may not be the best choice for you. You may qualify for Medicare, Medicaid or state health policies. On the other side of the coin, if youӬl be in a higher income category (one to two million dollars annually), you may not need long-term care insurance because you could likely afford the care yourself.

Health History

If you have had a history of cancer, neurological disorders, chronic illness or have these issues in your family you may be denied by some long-term care insurance agencies, or have to pay a very high premium. It may be worth the cost though, as if Alzheimerӳ disease runs in your family, youӬl want to know that if you need 24-hour care in the future, youӬl have insurance to help alleviate the costs

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