Short Term vs Long Term
Health insurance and Medicare provide for short term care (a few weeks).
Medicaid (welfare health care) provides long term benefits if you financially qualify (poverty).
Over 90% of long term care is custodial care not covered by health insurance, Medicare, or Medicaid.
When To Apply
If you are planning to apply for long term care
insurance more than a month from now you should
request a quote closer to when you plan to
insure because your rate may change in the
meantime if you have a birthday or a change
of health.
No one knows for sure if they will ever need long term care. It is a question that will only be answered when either we die without needing it or when we need it. The fact that it cannot be answered in advance is the reason for insurance.
If you needed long term care and didn't have long term care insurance
you would pay out of savings. If you don't have any money then
you might qualify for Medicaid. Are you comfortable with being
uninsured?
The younger and healthier you
are the less long term care insurance will cost. Long term care
insurance may be affordable today but maybe not tomorrow. You
may health qualify today but maybe not tomorrow. Every day you
decide to wait you risk becoming uninsurable.
Apply now.