Frequently Asked Questions
What is the risk that I’ll need long-term care:
- 3 in 4 Americans over age 65 will need some type of long-term care services.1
- Being young does not discount your risk of needing care. 36% of the population needing extended care services are under 64.
What are the consequences of needing long-term care:
- Families must change their lives to provide the care.
- Caregivers suffer more stress, anxiety, depression and are at higher risk of developing cardiovascular diseases.2
- Retirement income ends up being used to pay for care, instead of being used for other commitments and family lifestyle.
What is the right age to buy LTC insurance?
You are the youngest you are ever going to be, and age is one of the largest factors on price of this type of insurance. Plus, if you are healthy today, you may come across a health situation down the road that could potentially make you uninsurable. It’s always best to lock in your age and health as soon as you can.
If I buy an LTC policy before my next birthday, will my premium be lower?
In simple terms, yes. If you wait until your next birthday, your premium will go up. With most Long-Term Care Insurance Carriers, however, you may be able to lock in your previous age’s rate if you apply within 30 days of your actual birthday.
If I move to another state after buying an LTC policy, will I still be covered?
Policies are 100% portable. You can access your benefits from any state in the United States. Some policies even offer coverage internationally.
Can I increase or decrease my coverage at any time in the future?
You can decrease coverage at any time in the future and lower your premium. However, you may not increase benefits after your policy is issued. If you would like to supplement your coverage down the road, the carrier will require you complete a new application and be underwritten at your attained age.
2. Family Caregiver Alliance; www.caregiver.org