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Shopping tips: Long term care insurance

When putting together a plan for their future, individuals need to look at a wide array of considerations. One is whether their long term care planning is sufficient to cover any needs that may arise. Long term care insurance can be a critical part of that, since Medicare cannot be relied upon to cover all extended nursing home or assisted living stays. Without good insurance, those stays can devastate overall retirement finances.

Accordingly, people are advised to shop around for the insurance before major health problems set in. That way, they can maximize their odds of getting accepted while still keeping their premiums relatively reasonable. Other important factors to consider include protection from inflation, a monthly benefit of sufficient size and many years of coverage.

Many couples who take that advice express relief that their later years will be provided for, including any long term care needs. This can keep them from worrying about getting substandard care at a facility they don't like. It can also keep them from being a burden on their children.

Of course, even when planning ahead, policies can be expensive. Unfortunately, that fact may deter some people from pursuing policies when they're still young and healthy. Other times, they decide to move forward quickly because they see a family member needing long term care and realize that the challenges should be dealt with as early as possible.

Ultimately, long term care planning arrangements need to be made expediently. Of course, they also need to be made carefully, assessing needs and options. Qualified professionals in New York can help individuals and couples through that process.

Source: NPR, "How To Shop For Long-Term Care Insurance" Steve Tripoli, May. 28, 2014

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