So you're thinking about getting long-term care insurance, trying to protect yourself from high costs as you grow older. This could be a very wise move, but it's important not to act too quickly. Take your time and ask all of the right questions first. These include the following:
1. What costs is the government going to cover, or what is going to be paid out to you from the government? Don't assume that they'll cover everything, but also don't overlook the coverage they do provide.
2. Will you need it at all? If you're not quite sure, remember that the majority of people over age 65--about 70 percent--need this care. If you can't afford it out of pocket, that's when insurance comes into play.
3. How much money do you have? This is important when considering government assistance, which is sometimes based on net worth. If your net worth is relatively low, you may not need insurance as badly as you think.
4. When is the best time to purchase a plan? It costs less if you're younger, naturally, but you're also less likely to need it.
5. What are the costs going to be? Do you know off the top of your head how much a nursing home costs? Most people don't, and it can be surprising. It's also important to look at the trends, especially if you're young. It's not likely to cost the same amount in ten years that it does today.
These questions can help you get started as you look into insurance and all legal aspects of long-term care in New York.
Source: Forbes, "10 Questions To Ask Before Buying Long-Term Care Insurance," Howard Gleckman, accessed May 09, 2016