“A good LTC insurance professional will ask important health questions first to see if your mother would qualify before searching for the best company and premium for her,” he explained.
As for her reluctance to purchase a policy, Mr. Slome said it’s a familiar story;
“There are two main reasons why individuals are reluctant to purchase LTC insurance, especially older people,” he said. “They’re afraid they will run out of money if they spend it on premiums and also that they won’t have money to leave to their children.” If your mother does qualify and she is able to afford the premiums, Slome has a suggestion for how to convince her to purchase a policy;
“Tell her that LTC insurance allows loved ones to care about you, rather than having to become your full time caregivers and care for you.”
Has recognizing the potential high cost of your mother’s care convinced you of the need for obtaining a LTC insurance policy for yourself? Slome told me the best age to obtain a policy is between age 52 and 64 and he reminded me that it doesn’t have to be an all or nothing approach;
“Find a policy that suits your budget. If it doesn’t allow for every possible contingency, think of it as a partial payment for future long term care needs.”
For help in finding a Long Term Care insurance specialist, visit the website of the American Assoc. for Long-term Care Insurance (www.aaltci.org) where you can search by zip code. The association, which does not sell insurance directly, offers a wealth of information and links to many other resources that can help you.
ABOUT THE WRITER:
Nancy Stein, Ph.D., is the founder of Seniority Matters (www.senioritymatters.com), a caregiver advisory and referral service in South Florida for seniors and their families. You can contact her at email@example.com.