For example, those who qualify for Medicaid probably won’t need long-term care insurance, unless they live in California, Connecticut, Indiana, or New York, notes the author. “Those states have Partnership for Long-Term Care programs that allow policyholders to qualify for Medicaid without spending themselves into debt,” the article stresses.
Those who expect to amass more than $1.5 million in assets probably won’t need such insurance either as they’ll be able to afford nursing care.
But if you’re somewhere in the middle, chances are that purchasing this insurance will be to your advantage.
While it’s always good to prepare for the future, note insurance experts, there is such a thing as buying long-term care insurance way too early. Even though some insurance agents will pressure baby-boomers to buy while in their 40s or 50s, the fact remains that because this insurance is quite new, companies have already been forced to significantly increase their premiums. Therefore, locking in a rate at an early age doesn’t hold any guarantees.
The Associated Press article also notes that those who have some sort of chronic illness, like diabetes, may want to purchase the insurance between the ages of 55 and 60. For others, shopping for long-term care coverage should happen around age 65.
The article also stresses that good insurance of this type should include “home care, assisted-living facilities and nursing homes, and because most people prefer being at home, the coverage should include adult day care, hospice services and respite care.”
