The Baby Boom is over and Boomers are now beginning to hit retirement age at an exponential rate. As such many experts agree there will be a major need for Long Term Care (LTC) insurance as individuals begin to be taken care of by loved ones or move into assisted living or long term care facilities.

Traditionally many people have relied on Medicare benefits or private pay options; however, as costs have risen benefits have remained somewhat flat. LTC insurance helps to fill the gap left between the costs of care and the benefits that don’t quite cover. Having this coverage will certainly help keep your loved ones from feeling a definite strain on their finances as they help provide for your care.

The following is a guide on steps to follow when choosing your Long Term Care policy. Follow it and you will find yourself in much better shape as you get older and begin to require a greater level of care.

Knowing Your Coverage Needs

Knowing how much and what type of Long Term Care insurance to choose is as much about knowing your personal health as it is about anything else. Sit down with an insurance professional in Charlotte NC or in your home area. Here at The Hoffman Agency we like to get a good feel for your personal history, both health and financial, before making a recommendation as to what sort of coverage you might require.

Choosing the Right Insurance Carrier

Selecting the right Long Term Care provider will again depend on your needs. While you must consider the premium you wish to pay, it is also highly important to consider the types of coverage being offered. An independent insurance company such as The Hoffman Agency will be able to help you examine several different companies without having a ton of legwork. This will help ensure that you have the best selection possible.

Understanding the LTC Policy

Once you have selected your Long Term Care policy, it is important to make sure you understand what it says. The following steps can help you to make sure that you know just what your policy means:

  • Read the entire LTC policy thoroughly
  • Ask your insurance provider if you need help understanding phrasing or terminology
  • Make sure you have an appropriate amount of time to review the policy before being required to sign
  • Keep a copy of all transactions and/or receipts to or from the insurance agent
  • Try to document all written or vocal statements made by you and the insurance agent

Utilizing Your Long Term Care Insurance Policy

Using your insurance should be made as simple as possible. Make sure that family members have access to a copy of your policy so that they will be able to easily contact the insurance provider. The provider will then be able to walk them through the necessary steps to be able to get your benefits started.

While no one likes to think about needing care in their advanced years it is a reality we must all face. By investing in a decent Long Term Care insurance policy, providing this care can be made a great deal easier.

Give The Hoffman Agency a call or use our contact form here on the site today if you would like to speak with one of our insurance professionals about how you can get the coverage you need.