Stage 3: Decision
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You have the facts.

Hopefully, you understand the risks and consequences – the financial, emotional, and physical effects on the family.

Most importantly, you have had the discussion about how your family will deal with the reality of a loved one needing care.

How will the costs of care be paid?

An informed decision can only be reached after determining if LTC insurance is appropriate or not as part of your overall long-term care plan. Most people realize that they’ll use some of their money to pay for care; they just don’t want to use all of it.
So although not a fit for everyone, LTC insurance is an appropriate transfer of risk for many people.

After all, LTC insurance is nothing more than the continuation of risk transfer that you’ve done your entire life with your homeowners’, auto, and medical insurance. And from a statistical standpoint, your risk of LTC is far greater than those.

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Here are some things you should know about LTC insurance...

  • An LTC policy is a dedicated stream of income to help pay for your care
  • Premiums are based on age, gender, health, and plan design
  • Policy designs differ as to how your benefit is provided to you
  • There are discounts available for good health and to couples