With Long-Term Care Insurance, There Are No Concrete Rules

When it comes to the future of long-term care, there are really only two things we know for sure:

  1. It’s getting more expensive.
  2. More and more people are going to need it.

That makes long-term care insurance both an item of interest and a risky proposition.

That’s essentially the gist of a new article on the subject in The New York Times.

“There are no concrete guidelines on who should buy long-term care insurance or how much they should pay,” the Times writes.

“Buying these policies… involves careful vetting because of the myriad benefits and pricing options they offer.” When it comes to long-term care insurance, the Times reminds us, one size certainly does not fit all.

Without question, a long-term care insurance policy can make sense as an advance planning tool for some families. But while it’s an important piece in those plans, it is never the whole puzzle.

Some policies are better than others, but none of them provide complete coverage for the expenses you might face someday. Most don’t even get close. Moreover, studies show us that many of the people who need coverage the most ultimately lose it because, as they move into old age, they are more likely to absentmindedly forget to pay their premiums.

Of course, even for those who do make their payments on time, the premium-to-benefits ratio doesn’t always pan out in the policyholder’s favor. You could pay over the course of many years for benefits that ultimately aren’t worth that long commitment. But on the other hand, if you wait until you’re older or in poor health to take out the policy, the premiums can prove unaffordable.

Ultimately, a comprehensive long-term care plan can provide far greater protection than any policy will on its own. While a policy might be a part of that plan for some families, it’s something you should consider in tandem with other strategies.

Our office can help you consider the various approaches available to you and whether long-term care insurance makes sense in your case. Give us a call to find out more.