Long term care insurance costs are a top concern for many families, as estimates indicate that 70% of individuals aged 65 or over will need some form of long-term care at some point during their lives, whether at home or within a nursing home or assisted living facility.

Predicting how much and when care will be necessary can be difficult, so it’s wise to prepare. Long-term care insurance can provide valuable relief by helping you remain in your own home, avoid moving to an institutional setting, and ensure a higher quality of life.

According to the American Association for Long-Term Care Insurance, 52 to 64 is the optimal age to purchase long-term care coverage with low premiums and maximum benefits.

When purchasing a long-term care policy, you will be asked questions regarding your health and financial circumstances; insurers may even require medical records submission. It’s essential that you receive an affordable quote while selecting an A+-rated provider.

Be sure to shop around before making a decision, as there is an array of policies with differing benefits and limits available to you. It is also wise to research financial strength ratings, customer service reviews and the National Association of Insurance Commissioners’s complaint index before purchasing your policy to make sure it will pay out according to your terms.

Long-term care insurance comes in two main varieties, stand-alone policies and hybrid policies which combine life and LTC coverage. Hybrid policies may be more expensive, but give more freedom if care needs change over time.

Decidng between standalone or hybrid long-term care policies depends on your needs, budget, and family situation. Furthermore, take into account your health status and age as you make this important decision.

Stand-alone long-term care policies pay a monthly set amount towards services you require, such as nursing home or assisted living care. Their initial payment period (the time between when coverage begins and payment commences) typically lasts 30 days or less, but you may opt for longer or shorter coverage duration periods depending on your preferences.

Benefit periods (the length of time an insurance company pays out benefits) typically last five to seven years, but can extend for as long as desired. Pooled-benefit policies offer another solution by paying out a set monthly amount toward multiple long-term care services.

Purchase of an individual long-term care policy can be costly, yet an essential investment to protect you against rising care costs. There are various plans available – some more affordable than others.

While shopping for long-term care insurance policies, it’s essential that you understand their operation and their impact on taxes. Some policies may qualify as tax deductible options so it would be advisable to speak with an insurance expert about them prior to making a purchase decision.