I have delayed purchasing LTC insurance and will be 68 yrs. old this year. Should I lower the amount of monthly coverage and/or the period of payouts or both just to get some protection?

At least you are thinking about long-term care insurance now!  Pat yourself on the back for that. Don’t lower the monthly coverage unless you can make up the difference between the cost of care in the area in which you intend to live out your life and the monthly benefit you purchase. You can shorten the length of time first if you have to make an adjustment. About 85% of the claims are taken care of in four years or less. There are policies, however, that allow you to take 40% of the monthly benefit in cash each month in lieu of the rest of the benefit. If you are able to do that, you will certainly make your benefits last longer.

You might want to review the section about benefit period under “Your Customized Benefit Selection Process” which is under the main category of “LTC Cost and Benefits” on www.GotLTCi.com.  Above all, don’t skimp on inflation coverage. In addition to plan design, your insurance professional will also ask you some questions to see if there are any concerns about you being able to qualify medically for a policy.

Posted in: Consumer