There’s been a lot of talk lately about long-term care insurance, especially since the passing of Washington’s Long-Term Care Act last spring. Our clients in Vancouver have many questions about this type of coverage, including when is the best time to think about purchasing long-term care insurance. Here is the vital information you need to know to make the best decision for your unique situation.
What does long-term care insurance cover?
Long-term care insurance is designed to cover things that are not conventionally covered by other insurance you may have, such as health insurance, Medicare, or Medicaid. Typical coverage includes assistance with daily living, such as bathing, dressing, or eating.
Who needs long-term care insurance?
Most people need long-term care insurance once they are older. They may also need it if they have a chronic health condition, regardless of age. We often suggest this type of protection for people who:
- Live far from family or don’t have family to help care for them
- Reside in areas with limited assisted living solutions
- Worry about being genetically predisposed to certain health issues
- Don’t have the financial resources to pay for help as they age or become more physically or cognitively incapacitated
When is the best time to buy long-term care insurance?
Sometimes, the need for long-term care insurance can arise suddenly, such as after being hospitalized for a broken bone or heart problem. Being diagnosed with certain health conditions can also prompt an interest in this kind of insurance. However, if you wait until you already have a pre-existing condition and need long-term care insurance, you may not be approved for it, unlike with the Affordable Care Act. Or, the insurance is so prohibitively expensive that it’s out of reach.
Therefore, it’s usually wisest to hedge your bets and purchase long-term care insurance before you are likely to need it but not so far in advance that you are paying premiums for years in advance. This is usually between the ages of about 50 to 65. Most people wind up filing claims after age 70, so this gives you time to set yourself up nicely for peace of mind as you age. Remember, the older you get, the more expensive long-term care insurance is likely to be.
Questions about long-term care insurance? Just ask!
We get it. Buying long-term care insurance can be complicated and come with loads of questions. We’re here to answer them for you and help you find a policy that suits you best. Call Davidson & Associates Insurance at 360-514-9550, and we’ll get the conversation started long before you need coverage so you’re all set when the time comes.