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The New Savage Number: How Much Money Do You Really Need to Retire? by Terry Savage

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Chapter 16. HOW TO UNDERSTAND LONG-TERM CARE COVERAGE

By now, I hope you're convinced that a long-term care insurance policy is an important part of your financial plan. But that still leaves some questions about the policy itself: What does it cover? How much coverage do you need? When should you buy it? What should it cost? These are issues you need to understand before you make your purchase.

This sector of the insurance industry is changing so quickly that I recommend you consult an agent who specializes in long-term care insurance. Some agents represent only one insurance company. Other independent agents can show you policies and prices from several different insurers. You can even get price quotations online, although you'll have to complete a detailed application, which typically requires working with an agent.

One thing is certain: You'll want to buy a policy from a large company that has shown its determination to be a force in the long-term care industry. You may need an agent different from the one you've worked with on homeowners or auto insurance, or you may find that the best long-term care policy does come from your current insurer. Comparisons are a must, but the project doesn't have to be complicated if you work with an agent you can trust.

Let's start with some perspective on the care costs you may need to cover—now and in the future.

Rising Demand, Soaring Costs

More and more people are requiring long-term care—and the financial burden can be catastrophic. Despite ...

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