LONG-TERM CARE MADE EASY
While Long-Term Care insurance has been around since the 70s, its use has been limited,” states Frank N. Darras, one of America’s top bad faith lawyers, “Now, however, baby boomers are aging quickly and millions are looking to this insurance option to secure their financial futures.”
“With retirement only 5-10 years away, boomers looking to become seniors need to make important decisions about their financial future and the information out there can be unnerving and confusing,” says Darras.
Here are some tips from Darras to consider:
- Talk with your trusted agent or broker about how stringent the carrier they are proposing is on their applicants. Look at the company’s financial strengths and claims payment records.
- Don’t choose a company just because they are cheaper. A lot of companies who try to undercut the competition to gain market share may not be here 20 years from now when you need them most.
- You want benefits that are focused on home care, assisted living facilities and residential care facilities.
- It may be hard to choose now when you are so healthy, but make sure your policy has a lifetime maximum keeping pace with inflation. What’s the sense of paying lower premiums for a long time if the ultimate outcome doesn’t provide you the care and lifestyle you desire?
- “Research, shop smart and take your time. Ask a lot of questions when you don’t understand the legalese,” says Darras.
A couple of other things to consider after you make your purchase:
-- Understand the services covered, such as who can provide the services and where. Can you be cared for at home by a family member or friend? Do you have to be in a residential care facility? What about professional care vs. non-professional care?
-- Understand what Activities of Daily Living (ADLs) are covered; for example, bathing, dressing, toileting, transferring or eating.
“Make a list of your needs and wishes and use a process of elimination to narrow down your policy choices,” says Darras. “Look for the best return you can possibly get for your money.”
Darras says, you understand the following payment basics:
--An indemnity policy insures a set amount that is paid daily or monthly and isn’t tied to actual charges you might incur.
--A reimbursement policy is just that, actual charges you have incurred are what is paid. If you don’t use all the benefits in a certain period, they may be carried over to the next period.
“Long-Term Care insurance can help you remain independent and not a financial burden to family and friends,” way Darras. “Get sound advice and a second opinion to make your final decision a secure one.”
For more information visit our web site at http://www.darraslaw.com or call 800-458-4577.
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