How Long should you carry long term insurance?
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UPDATED: Oct 23, 2011
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Insurance Question from Las Vegas, NV
Asked on 10/23/2011
How Long should you carry long term insurance? NULL
Answer given on October 24, 2011
I think your question is in reference to how long your long term care policy should cover you with long term care coverage. LTC policies allow you to select the length of time you receive coverage. The minimum is two years. You can get up to life time benefits. Of course, the more coverage you purchase, the more expensive the policy. It is rare for a person to need lifetime benefits. Two years may not be enough. Five years of coverage may allow for transfer of assets to a trust or to family member avoiding the penalty of ineligibility for Medicaid or other programs. How many years you choose is inevitable up to you, your age, your financial situation. We suggest discussing your needs of LTC with an insurance agent that can guide you in making the
decision on a good LTC policy. To talk with an insurance agent in your area, click here.
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