So what mistakes do I need to avoid?
According to American Association for Long Term Care Insurance, there are 4 mistakes you want to avoid:
1. Waiting too long to start planning. You don’t have to buy insurance protection today; but at least find out what a policy will cost. If you take prescription medications or have health conditions, find out if you can qualify. Ask what health changes might make you ineligible to qualify.
2. Believing it won’t happen to you. Denial is the best reason not to plan. And, honestly, we hope you live a long life … never have an accident or illness. Yes, we hope you never need long-term care. We also hope you never have a car accident. But hope is not a strategy. Planning for the future is.
3. Counting on government programs. If you are age 50 to 55, are you need to be ready to count on Medicare and Medicaid to pay for the care you want in 15 or 20 years. Everyone wants someone else to pay the bill. If you prefer having choice, options and independence, then you’d better have a plan in place … just in case.
4. Not working with a long-term care insurance professional. As you’ll find us saying many times, costs vary between insurers, discounts vary between insurers, as well as acceptable health conditions. You want to work with an experienced and knowledgeable professional who stays current on policies and can get you the best coverage for the best price. Are we biased in favor of our Association members? You bet!
Be sure to visit the American Association for Long Term Care Insurance web site. Also find helpful information under How to pay for Long term Care in the resource section of the Preferred Care at Home website.
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