Buying private LTC insurance is a long-term commitment that can last many decades. So it’s important that you learn about this product and find an agent that you trust. LTC insurance is part of your overall retirement planning, so it helps to talk with a financial advisor to evaluate your resources for retirement and your tolerance for risk.

CONSIDER YOUR HEALTH STATUS – IF YOU NEED LONG-TERM CARE NOW YOU WILL NOT QUALIFY FOR PRIVATE INSURANCE.

EVALUATE YOUR FINANCIAL SITUATION

• REVIEW YOUR LIFE INSURANCE POLICY TO SEE IF IT COVERS LTC
• DETERMINE HOW MUCH MONEY YOU HAVE SET ASIDE FOR LTC EXPENSES
• CALCULATE HOW MUCH YOU COULD PAY FOR LTC COVERAGE WITHOUT JEAPORDIZING YOUR LIFESTYLE
• TALK WITH YOUR KIDS TO SEE IF THEY ARE WILLING TO HELP PAY FOR PREMIUMS
• CHECK IF YOUR EMPLOYER (OR FORMER EMPLOYER, IF RETIRED) OFFERS LTC INSURANCE

MEET WITH A LTC INSURANCE AGENT

• FIND A CERTIFIED LTC INSURANCE SPECIALIST
• REVIEW ANY MATERIALS AND DISCUSS YOUR OPTIONS WITH PEOPLE YOU TRUST
• REVIEW YOUR POLICY WHEN YOU RECEIVE IT FROM THE AGENT

COMMIT TO THE PLAN

• PAY YOUR PREMIUMS
• NOTIFY YOUR FAMILY THAT YOU HAVE PURCHASED A LTC POLICY

TALK TO FINANCIAL ADVISORS

• DISCUSS ANY TAX BENEFITS FOR LTC INSURANCE
• RE-EVALUATE YOUR INVESTMENT STRATEGY OR PLANS FOR GIFT-GIVING ONCE YOU HAVE LTC COVERAGE

WORK WITH AN ATTORNEY

• DRAW UP A WILL
• DEVELOP A DURABLE POWER OF ATTORNEY TO DEAL WITH OTHER FINANCES IN CASE OF INCAPACITY
• DEVELOP AN ADVANCE DIRECTIVE FOR HEALTH

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