Tips Before Buying Long Term Care
Know What’s Covered
Different types of long-term life insurance cover different things but it’s important you know what is and what isn’t covered. You should know or ask about things like how long the benefits last, does this policy cover disorders, drug abuse, alcoholism, or if the policy covers self-inflicted injuries.
Buy With A Spouse or Partner
Most companies offering long-term care insurance give discounts to married couples or couples that live together. You can save a good amount of money just by applying with your partner. This only applies to couples that are married or partners that are living together.
Apply As Soon As Possible
The younger you are, the more money you save on long-term care insurance. This is why it’s best to get this insurance while you’re young so you get the best possible rate. Another reason is to get the insurance while you are in your prime health so that you don’t get a higher rate when you’ve been injured, sick, or whatever future problem you might run into.
If you are a business owner or have high health care costs, you’re eligible for a tax-deductible, long-term care insurance premium. Even if you have a part-time business then you might be eligible for a tax write-off.
Do not buy a premium that you are going to struggle to pay. Always start with a budget and ask your agent for a quote that will fit your budget or financial needs. It’s recommended that you make sure you have enough coverage to pay for your home health care for a few years.