November is National Long Term Care Awareness Month
Have you considered the impact of possible long term care costs on your finances? A good financial plan will address this possibility and whether your best choice is to self fund or consider a long term care policy. This is not an all or nothing decision. You may want to insure just a portion of possible long term care costs for basic peace of mind. If you are shopping for a long term care policy make sure the insurance company is highly rated and committed to the long term care market. You don’t want any surprises when it comes time to tap into your policy’s features. Here are a few things to avoid when buying a policy: care facility restrictions, pre-existing condition exclusions, non-tax qualified policies, requirements; such as hospital admission, that must be satisfied to claim benefits. Also, if you live in California you may want to consider an insurance company that participates in the California Partnership for Long-Term Care. Kiplinger Magazine publishes a very helpful Long Term Care Workbook.