How and When Do I Obtain Long-Term Care Insurance?
Q: Dear Bruce,
I'm a healthy 44-year-old in a long-term relationship. But I have a family history of Alzheimer's. Both my mother and grandmother developed it between 65 and 70. How do I best protect my partner from catastrophic expense of having to care for me later? When is the best time to buy long-term care insurance? And will the fact that I had a bout of rheumatoid arthritis 10 years ago (no relapses since) affect my ability to be insured?
Thanks,
Roseann
A: Dear Roseann,
I commend you for considering how best to plan for the future.
Long-term care insurance can be a valuable tool in planning for the uncertainties associated with aging. Unlike other insurance plans, long-term care insurances will cover services including home health care, physical therapy and nursing home care. Although it can be costly, it’s a good way to protect you and your partner against unplanned costs.
Like all insurance, long-term care insurance is best purchased when one is generally in good health. Typically, a current physical examination, as well as your personal (and perhaps family) medical history will be requested in the application process. If you are enjoying good health, you should be able to obtain long-term care coverage despite a past condition.
Plan specifics do vary, however, and I would stress the importance of finding a plan that allows for flexibility in choice of care options (such as, both home health care and long-term nursing care). The pricing of these policies also varies according to the duration and extent of coverage
The decision to purchase long-term care insurance is a personal one based on many factors, and I recommend consulting with an attorney to address additional methods to protect you and your partner against the catastrophic expense of caring for one another in case of a chronic disabling condition. An attorney specializing in estate planning for lesbians and gays also should be aware of the many challenges we face when attempting to provide for a partner’s well-being. State laws and regulations vary, so accessing legal counsel in your area would be preferable.
Best wishes to you both for many years of continued good health and happiness.
Bruce J. Lederman
Lederman is the owner and president of the Claremont Rehab and Living Center in Buffalo Grove, IL
Jan. 29, 2003