Read the Fine Print

As I’ve mentioned in another blog, it would be a pretty amazing feat to make it into your golden years without having at least one “pre-existing medical condition.” The human body just can’t stay in peak condition until the end of one’s life, so having some medical baggage is perfectly normal for a senior. Since long term care insurance policies are designed with the elderly in mind, they are a little more lenient than other types of insurance plans when it comes to covering pre-existing medical conditions. This doesn’t mean that they welcome everyone with open arms. You need to be aware of this, and get very clear with insurance carriers about what their pre-existing medical condition clause it, get it in writing, and scrutinize every word.

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If you’re anything like me, and many other HBO-loving Americans, you have seen a few episodes of “The Sopranos.” Ok, if you’re anything like me you’ve sat down and watched marathons of the show on DVD for weeks at a time, but that’s besides the point. There are a few of the mobster’s mothers who have to be cared for in assisted living and nursing home, and they are not shy about mentioning how much that type of care is costing them to pay for. Even if you’ve never seen a minute of this show and don’t have anyone in your life who needs long term care, it can’t be hard to imagine that it costs an arm and a leg.

Factor in the cost of the room combined with availability of medical services and round-the-clock attention and you can understand why a year’s worth of care in a private room back in 2007 cost $74,806. If you are looking into long term care insurance to help cover these astronomical costs for a member of your family, there are a lot of things to know and consider.

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