Buyer’s remorse! There’s nothing worse than making a purchase than regretting it! So, what you need is a long-term care insurance guide to avoid long-term care insurance buying mistakes!
The first mistake would be not working with a qualified long-term care insurance professional who has options for you. Thinking about buying long
These kinds of policies have many moving parts, so you need a long-term-care insurance guide that reviews these moving parts to optimize how the policy works with the other parts of your finances. For example, there are tax incentives, partnership plans, and even policies that can cover long-term care and other risks at the same time!
A long-term care professional can help you find the best coverage for you. It is easy to overlook something that can cost you money and even the best care when you need it.
All of that being said, a second big mistake when it comes to long-term care insurance is not making a decision! People do lots of research online, read the Consumer Reports and weigh the variables as they see them but then… analysis-paralysis and the fear of making a wrong decision take over…then no decision is made.
Waiting too long to make a long-term care plan could be the biggest mistake that people shopping for long-term care make! As time goes by, people can develop health conditions that affect insurability, and insurance just gets more expensive as we get older. That is just the way it is, so a delay (often years) can create a much higher premium.
A third mistake people make is denial. They just don’t believe they will need long-term care services. I hope you live a long life without an accident or illness. But hope is not a strategy. Planning for the future creates strategy.
I remember a few years ago when Charlton Heston, Ronald Reagan, and Christopher Reeves all required some form of long-term care, and someone quipped, “If Moses, the President of the United States, and Superman need long-term care help, then how can you know that you will not need it?”
A fourth mistake people make with long-term care insurance is counting on government programs to support them.
Do you really want to count on Medicare and Medicaid to pay for the care you might need in 15 or 25 years? You want to understand that Medicare does not cover extended long-term care, you can find more details here: Does Medicare Cover Long-Term Care? Understand what is covered! But everyone wants someone else to pay the bill.
A fifth and most important mistake is making financial decisions (like buying long-term care insurance) in isolation. All of your financial decisions affect each other and can work to help one another or possibly in conflict with one another.
Looking at a long-term care premium by itself is an obstacle to getting coverage. The idea is to reach your maximum economical potential by getting all of your financial products to work together, enhancing their value and your lifestyle.
To help you make the right decisions, I wrote a book that is available for FREE download!
This easy-reading, illustrated book covers a lot of ground to help you and your family put yourselves in the best position possible! Click here for free download: The Secrets to Long-term Care Planning
If you want to have a choice and some independence, then you’d better have a plan in place … just in case.