Frequently Asked Questions
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1. Who is more likely to need long term care: men or women? Women are more likely to need long term care because they live longer.
2. How long do you think I can wait to buy long term care insurance? If you are in your fifties you should buy it now. First, the older you are, the more expensive it is. Also, if you are in good health you may qualify for preferred health discounts. Also, if you have a spouse or partner, that could also make you eligible for discounts. Finally, if you wait you may develop a health condition that will prevent you from qualifying for coverage.
3. My company is offering a plan at work. Do you think I should go with that plan? The answer is to see what the company is offering and then ask an independent broker to see if there is something better. It is very likely that you can do better on your own, especially if you are in good health.
4. What if I buy long term care insurance now and I never need it? You will be lucky if you never need it, but if you need it you have it. Also, some companies will provide for a return of premium to your estate if you die and never need to access the policy.
5. If I am an executive of an association or a company, can I have the corporation buy long term care insurance for me and my spouse and no one else? The answer is, "yes." Long term care insurance can be offered as tax free fringe benefit. The premium is not included in income and this is true whether or not only one or two people are covered or everyone is covered.
6. What do you think are the most important features when buying long term care insurance? First and foremost you should buy a policy from a company that is financially very strong and has a good reputation in long term care. These companies will also have the best policy features.
If you have a question, please write in below and we will get back to you shortly.
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