What’s the best way to calculate how much insurance coverage you should buy?

• What’s your risk tolerance?
• What will you need?
• How much can you afford?

 

How long of a period should I insure myself for?

• How much can you afford?
• What does projected inflation look like?
• What coverage will give you peace of mind?

 

Is the insurance policy tax qualified?

• How much can you deduct from your Federal income tax?
• Will you have medical expenses that exceed 7.5% of your adjusted gross income?

 

Does the policy cover homemaker services?

• Have you read through the coverage?
• Does your plan require specifics to be spelled out?

 

Purchasing a long-term care insurance policy should bring you confidence knowing you’ll be taken care of in case of a medical situation. Still, you’ll want to do some research and ask questions to ensure you get the coverage you need.

Adapted from ElderLawAnswers2

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