When you start thinking about Long Term Care, what do you need to consider?
Ask yourself these questions:
• As you age, how would you like to be cared for?
• Do you have friends or family nearby who will care for you if you need care at home?
• Does your proposed caregiver work outside the home?
• Does your caregiver have children still living at home?
• How many hours a day would you like someone to come and help you so your caregiver can take a break?
• Do you think you could pay $50 per day (cost for a couple hours of home care) for someone to care for you at home without putting a huge dent in your budget?
• Do you carry a high or low deductible on your car or home owners insurance?
• Do you want to pay for the first few months of your care, or will you need help after the first few weeks?
• How much have you set aside for your long term care costs?
• Would you like to reduce your current premium with the understanding that you will have to pay more out of pocket if you need care?
• How do you feel about using some of your income to pay for your care?
• Would you like your insurance benefits to cover the full cost of care plan or just a portion?
• Do you prefer a plan that will pay a flat dollar amount regardless of the actual cost of care or one that simply reimburses you for actual charges?
• Do you know how needing care might affect your budget?