tips for long term care insurance

Tips for Ohio Residents on Long Term Care Insurance

When you begin researching Long Term Care Insurance (LTCI) in Ohio, you’ll want to review the various angels of the insurance with a professional. You’ll want to consider your future earning to make sure you will be able to continue to pay the premiums years down the road.

This type of insurance can help pay for long-term medical care received at home, assisted living facility, adult day care center, or of course a nursing home. LTCI can pay the expenses related to custodial care as well as skilled care that help treat chronic conditions such as Alzheimer’s, mobility issues, etc.  This type of care received on a daily basis averages at $75,000 per year in Ohio.

Seven important things to consider when researching Long Term Care Insurance in Ohio.

  • Determine if you are healthy enough to be approved for an Ohio Long Term Care Insurance policy.
  • Think about your current health, your parents’ health history and then make the call if you think you have a realistic shot at needing long term care.  If you don’t think you will need care then don’t buy it, if you think you have a good chance then do.
  • Figure out how you will be able to pay the premiums for years down the road.  You don’t want to get into a situation where you pay the premiums for 20 years and then have to drop it because you can’t afford it anymore.
  • Develop a budget that you plan to spend on premiums and then stick to it!  There are a lot of bells-and-whistles out there in riders that can increase the cost of LTC premium significantly, so buy just what you need.
  • Factor in any family care that might be used in the event you need care.  Don’t count on it, but if your kids say they will help out on the weekends maybe you could get a slightly smaller policy.
  • Be realistic.  Family will usually initially say, sure Mom or Dad, I’ll take care of you.  That might be a noble statement, but it also might not be realistic for your kids to take care of you.
  • Medicare will NOT pay for your Long Term Care bills.  It will pay 20 days and that’s it.  You will be responsible for the rest of your care until you spend down your assets to nothing, then you can go into a Medicaid nursing home. Not a fun alternative.

We specialize in helping our Ohio clients navigate the LTC waters safely and without over-insuring ones-self.  We are Ohio Long Term Care Insurance Partnership trained as well.  Fill in the form below and we’ll mail you the Ohio Long Term Care Insurance.