Making the Right Long-Term Care Decisions

     The world of long-term care insurance is changing.  Late last year, MetLife decided that it would no longer provide long-term care insurance policies.  Similarly, other large companies have decided to make changes in their offerings, including charging higher premiums.  Because some of these large insurance companies are changing their products, many new companies are joining the long-term care insurance industry, and it is important for you to be a smart consumer.
     One thing to keep in mind is that 70% of people over 65 will need long-term care.  It is tempting to gamble and think you will not need this care, but the statistical odds are against you.  When you look for a policy, do your homework, for there are a lot of different ones out there.  Make sure you choose one that best fits your budget and your future wishes.  Keep in mind that your health will always have a certain degree of unpredictablility.  One thing to consider is at what age to buy the policy.  The younger you are, the lower the premium you will pay, and since your health is probably better when younger, the odds of being denied coverage are much lower (companies deny applicants if they think they will cost too much). 
    One thing to also consider is the new healthcare bill signed last year by President Obama.  The bill instituted the first national government-run long-term care insurance program, and benefits are offered exclusively through employers (with the exception of people eligible for Medicaid).  Right now many in Congress are trying to repeal the bill, so some of the offerings may change.  In closing, the most important thing to do when buying a long-term care policy is to do your homework.  Get pricing quotes from different insurers, and make sure you are educated on different options.  As always, if you have a question, feel free to ask!