There is no perfect age to start looking into long-term care insurance. But there’s a really good reason to start the process prior to age 65.

Every year, millions of Americans celebrate their 65th birthday. And, what’s the best present they get? Medicare qualification. That’s important because for the year (or so) leading up to that important milestone, these adults put off non-emergency doctor visits knowing they can wait until after getting that magic card.

But, long-term care insurance is only issued to those who can “medically qualify”. The diagnosis and prescription written by your doctor could make you ineligible for insurance coverage, no matter how much you’d be willing to pay. So, apply before the end of your 64th year, earlier if you can.

The first long-term care insurance policies were issued in the 1980s and originally all they paid for was skilled nursing home care. And it really is unfortunate that for so many years insurance companies have effective associated this product with nursing home costs and nursing home stays.

Because the truth of the matter is that a primary benefit of long-term care insurance is that it pays for care at home or in an assisted living community. It is often referred to as nursing home avoidance protection because having the available funds to remain in your own home is a primary reason people buy this protection, And just half (49%) of newly opened long-term care insurance claims beginning in 2010 were for home care. A fourth (24%) were for assisted living and 27% were for skilled nursing home.

 

For more information on long-term care contact 706 896-4285.
Brasstown Manor is a retirement community that offers independent living, assisted living, and memory support. We are located at 108 Church Street, Hiawassee.