Long Term Care Highlights
By Joel Zimmerman

6 Essential Long Term Care Insurance Questions for Federal Employees to Consider

Purchasing insurance with the intent to look out for your future self is without a doubt one of the most important investments you can make. The best way to go about it is to find a trustworthy financial advisor, one who can help you narrow down various insurance companies and policy types, based on which policy will work out best in the long run.

The same consideration applies to federal employees too, since making the right choice is essential. Federal Long Term Care Insurance is definitely one of the most important options to consider, but a few necessary questions need to be answered first.

What Should You Consider about Federal Long Term Care Insurance?

The following are six questions that federal employees need to consider before committing to Federal Long Term Care:

1. What are your learnings from past experiences?

How parents tackle certain situations in life allows children to get a better understanding for themselves. This not only applies to the earlier stages in life but also to how parents handle and look after themselves in their later years, when age-related care evolves into a predominant need.

Having worked closely with or seen another take care of ageing parents prepares one to understand what they will need for themselves when the time comes, especially presuming a rise in both life expectancy and healthcare costs.

2. How are you holding up in terms of health?

An individual’s health status and conditions are factors that largely determine the kind of care they will need when they’re nearing retirement age. It is essential to consider getting a plan of action ready as soon as you can, when you are in a position to plan and consider what works out best in the long run.

This helps you be ready for anything that may come your way later in life, especially when it comes to healthcare expenses and future assisted care prospects.

3. How far along are you in your plan for the future, both in terms of financial security and healthcare?

Do you already have a properly thought-out plan for the future, in terms of financial security and age-related care services? Are your children ready to take on the responsibility of your care or are you going to have to make other arrangements simply because you do not want to be a burden on anyone in your older age?

While you’re still young and healthy, you need to consider all the possible scenarios and come up with a suitable healthcare and assisted care plan for your future self.

4. Have you considered the government programs?

Of course, the government looks out for its own and has plans in place such as Medicare, which in certain special cases even covers long-term care (but only for a period of up to 100 days), as well as Medicaid which covers nursing home costs (but requires the individual to be fairly well-off to be eligible for it).

If either of these will take care of your projected care expenses, you should definitely apply for them without delay. If they aren’t enough on their own, consider supplementing them with personal healthcare and LTCi (Long Term Care insurance) policies.

5. Do you have an understanding of what long term care insurance covers, and how?

Long term care insurance varies in type, coverage and individual benefits. When considering LTCi policies, it’s important to pay attention to the accepted terminology utilized in the form (for instance, words like reimbursement and indemnity), since these vary in terms of the benefit available offered by each policy.

Usually, Federal Long Term Care Insurance uses a reimbursement model, so make sure you study the details or consult an insurance advisor before committing to it.

6. How will you be planning the rest of your life?

Investing in insurance isn’t just about making financial provisions for hard times. It’s about securing your future for when you are in no position to take care of yourself. You need to determine what kind of healthcare policy is the right fit for you, both today and tomorrow.

Working with a trustworthy financial advisor like LifeCentra can help you understand your needs and options, so get in touch for a free consultation today!

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