Many of our clients ask about long term care insurance. As we watch neighbors or loved ones go through the aging process, we become more and more aware of the difficulties and expenses associated with advancing age.

Here are some thoughts on the issue:

• Costs of care are high with figures of $50,000 to $60,000 a year common for extensive home care or nursing home care.
• Long term care insurance can be expensive and hard to get as you get older.
• In our opinion, people of all incomes can benefit from the insurance. People with less than $200,000 in working assets probably cannot afford adequate coverage unless they are very young, and those with over $800,000 can probably self-insure. Of course, there are always exceptions.
• You should probably start considering Long Term Care insurance by your mid 50s and have the policies in place by no later than your mid 60s.

• Key features to look for in a policy are:

1. A strong company that has a good track record of paying valid claims.
2. Coverage for Nursing Homes, residential care facilities, and home care.
3. Cost of living adjustments, especially if you are younger i.e. under 65 years.

These policies can be very complex and are well worth taking the time to research carefully. Unlike life insurance policies, which people change or replace fairly frequently, once you obtain a long term care policy, you will probably keep it.

For more information call your representative at 207-778-9779.