Dale M Krause
Expert
Planning for nursing home costs can be overwhelming, but it's a reality that we all must face. Long-term care insurance (LTCI) effectively mitigates this concern, and I highly advise you to consider it. With a good policy you purchase when you are young and healthy, you will have peace of mind knowing that you are covered in any need for home health, assisted living, or even a nursing home.
However, if you wait until you require care, then purchasing LTCI becomes difficult due to chronic conditions that make you ineligible for a policy. In such a situation, medical underwriting will not approve you. At that point, the options of care at home and an assisted living facility will be limited unless you are willing to pay out of pocket.
Therefore, I urge you to act now and plan. Please don't wait until it's too late. If you cannot afford to pay, your best solution is to qualify for Medicaid benefits, usually only available if you are in a nursing home. So, it's vital to have a plan in place to avoid being caught off guard.
In conclusion, I strongly recommend purchasing long-term care insurance to protect yourself and your loved ones from the unexpected. It's never too early to plan; you'll be glad you did.
However, if you wait until you require care, then purchasing LTCI becomes difficult due to chronic conditions that make you ineligible for a policy. In such a situation, medical underwriting will not approve you. At that point, the options of care at home and an assisted living facility will be limited unless you are willing to pay out of pocket.
Therefore, I urge you to act now and plan. Please don't wait until it's too late. If you cannot afford to pay, your best solution is to qualify for Medicaid benefits, usually only available if you are in a nursing home. So, it's vital to have a plan in place to avoid being caught off guard.
In conclusion, I strongly recommend purchasing long-term care insurance to protect yourself and your loved ones from the unexpected. It's never too early to plan; you'll be glad you did.
