“How do I choose long term care insurance?” is question many baby boomers are wondering as they near retirement. It ain’t easy. Insurance is complicated and getting the right long term care insurance (not too cheap, not too expensive) can be hard to do. Before you pose this question to an insurance agent or financial planner, it’s best to educate yourself. This week, I’ve added a worksheet to the Retirement Answer Library to give you the basics. You can access it here.
This worksheet covers:
- What does long term care insurance cover?
- Should I buy long term care insurance?
- How much coverage should I buy?
- Must-knows about every long term care policy
- Deducting premiums
- When to consider buying
- Buyers beware
- There’s no right time to buy, but there is a cost to waiting
I’ll be blunt with you. The decision to buy long term care insurance is hard. It is a relatively new industry and, like most insurance, the devil is in the details. What appears to be a good policy could turn out to be costly if a claim is filed. If you’re considering it as part of your retirement plan, don’t let scary statistics about the costs cause you to buy too quickly. Do your homework and find a trusted advisor to walk with you.