It’s Long-Term Care Insurance Awareness Month. Stop! Before you come to the rash conclusion that “It’s nursing home insurance for old people. I don’t need that!” please just spend two minutes with this video. (And know that 80% of people who need care get it in their home!). Plus we have 10 “tweetable” facts about long-term care and long-term care insurance.
What to expect: As a part of your health exam, the paramed will measure your height and weight, take your blood pressure, and collect blood and urine samples. Afterwards, the paramed will confirm the answers you provided on the health questionnaire you filled out as part of the life insurance application.
Contrary to popular belief, long-term care insurance is not nursing home insurance. Think of it this way, if you have a chronic illness or become disabled and can no longer care for yourself for an extended period of time, you’ll need long-term care services. Long-term care insurance can help you pair for the care you need, in the setting you’d prefer, such as your home. Here are some tips on getting coverage:
We asked insurance professionals on our LinkedIn pages to share their best tip on life insurance and getting coverage, and here is some of the great advice we got:
1. Start young. Just because you don’t have a family, mortgage and larger financial obligations doesn’t mean that you have to wait to get life insurance coverage. Lock in your rates while you are young and healthier. You can always add more later in life.
Regardless of your reasons for giving, a gift of life insurance can represent a substantial future gift to a favorite charity at relatively little cost to you. There are several ways you can accomplish that:
1. Make a charity the beneficiary of an existing policy: If you have a life insurance policy you no longer need to support your partner or family, you can name a charity as the beneficiary of the policy, meaning that the charity will receive the policy’s death benefit when you die. While there are no current tax benefits to this approach, the value of the policy will be removed from your estate for federal estate tax purposes.