- Do I have assets that I wish to protect? If yes, consider buying a Partnership LTC policy if offered in the resident state rather than a traditional LTC policy—an LTC Specialist can help guide you.
- Will past military service offer any long-term care solutions? The consumer should never “assume” anything. Only if this avenue of care has been substantiated should it be relied upon.
- Would my children be able to offer personal care as I age? Remember that being “willing” is not the same as being “able” to provide personal care. Children that may be able to provide care to the end of life usually have medical training (such as a Registered Nurse would have) and are not burdened by family or financial obligations. In some cases, assets are turned over to the child providing care so he or she can continue to meet their personal obligations while caring for the parent or family member. Most of us have car payments for example. Such payments must still be paid no matter how much the child wishes to quit work to care for their ailing parent.
- Do I have sufficient assets to fund your own long-term care needs? Most do not have such assets but there are some that do. If the individual could pay for their care out-of-pocket it may not be necessary to purchase a policy, thereby saving the cost of premiums. Of course, the individual must be willing to use those assets for this purpose. If the individual has the assets but prefers they go to a beneficiary rather than a nursing home, it may be wiser to buy a policy.
- Does my current health allow me to buy a long-term care policy? Underwriting guidelines are strict. Waiting until an illness or injury exists to apply for a policy is not wise. Also, each year you wait to purchase premiums can go up as they are determined in part by the age you apply. If you do not qualify for a traditional long-term care policy we have other product options that you may qualify for—call GoldenCare at 1-800-842-7799 for a no-obligation phone consultation with an LTC Specialist to help determine your eligibility.
It is always more exciting to buy a new car or a big screen television than a long-term care policy. We can wash our new car in the driveway so the neighbors see it, or invite our buddies over to watch the game on the new 70-inch High-Definition television. Few people will want to see our long-term care policy. Despite this fact, many of us need to buy the policy anyway. Buying insurance might not make us feel the same way a new television will but it gives us a sense of relief knowing that our care is covered and we will not be a burden to our family one day. It is also important to talk about your wishes with your family far before you may need long-term care services so that they know your plan of care in advance.