Since the cost of LTC protection is typically based on your age and health when you apply, the older you are when you apply, the higher your costs may be. The longer you wait to apply for coverage, the greater the likelihood that health issues may arise and increase the cost or even disqualify you from obtaining coverage in some cases. Women are more likely to need long-term care. Thus, some couples look to insure just the greater risk. However, this approach can create different problems that fall on the hands of the loved ones. Regardless of which one is not covered, the risk of needing care and the subsequent physical, emotional, and financial burdens that follow will negatively impact the healthy spouses standard of living and quality of life. Without a long-term care insurance plan, you are essentially “self-insuring” your risk of paying for care. That means you are at the mercy of your State and its Laws towards Medicaid. Paying a reasonable insurance premium to transfer one of the biggest financial threats you may face can be a smart move towards protecting assets and loved ones.  This way they are quarterbacking your care instead of providing it and they are in charge of your assets instead of the State.

Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.