There are several factors that should
drive your decision.
First, consider the geographic area
where you will most likely be receiving long term care services.
The cost for services is generally higher in metropolitan areas.
Find the
Cost of Care in Your Area.
Second, think about whether or not
you’ll need a
Comprehensive Option that will provide benefits in
a
variety of settings or if a
Facilities-Only Option is better for
your needs.
Third, consider how much money
you can contribute from your savings to help cover the cost of
care and how much you are able to afford in
long term care insurance
premiums. You may be able to pay a
portion of the cost of care in return for a lower
coverage amount and lower premium. Calculate how much you might
be able to
self-fund.
Finally, take into consideration the
rising cost of medical expenses by carefully selecting an
inflation protection
option.
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