Time Magazine Suggests Factors to Consider When Considering Long-Term Care Insurance

Dorian Martin Health Guide
  • My dad has been after me to consider taking out long term insurance since it seems like there's a history of dementia on my mom's side of the family. But what should I look for when selecting this type of insurance. Thanks to the September 15 issue of Time magazine, I have a better idea of what to look for.


    The article, Thinking Long Term by Daniel Kadlec, suggests the following:

    • Be aware of your family's health history. Kadlec notes that if you have a history of Alzheimer's in your family (or other degenerative diseases), you may want to buy long-term insurance in your 50s.
    • Get the early-bird special. The younger you are, the cheaper the premium for long-term care insurance.
    • Weigh the variables. Kadlec notes that variables that affect the price of the policy are (in order): "age, rate and length of coverage (most policies are from one to five years), waiting period (benefits typically started after 30 to 90 days of illness) and inflation protection (benefits rise automatically each year)."
    • Shop for a policy. Different companies that offer long-term care insurance have different areas of expertise. Thus, it would be worthwhile to get bids from at least three carriers.

    So if you're like me (with a history of Alzheimer's in the family), you may want to take Kadlec's advice and shop for long term care insurance. Having watched my mom (who, thanks to my dad, did have long term care insurance), I think it is better to be safe than sorry.

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Published On: September 13, 2008