b'Before deciding to buy a policy or not, there are many things to consider.A fiduciary advisor who knows your entire financial landscape can assist by asking the right questions to help make this highly personal decision a manageable part of your overall financial plan.When should you consider a long-term care policy? Typically, age 55-65 is ideal for cost and benefit, but it can be smart to weigh options either before or after that, especially if it is causing concerns.What will a policy cover? And will you qualify?Coverage limits, usually expressed in a dollar amount per day, can be customized based on the expected costs, the area where the care will be needed, and the portion of expenses the policy is meant to cover. Like life insurance, the policies are underwritten to look for existing health issues to determine eligibility and pricing. Married couples or healthy individuals typically earn a premium discount or boosted benefit.Are you buying a policy to prevent running out of money or to protect certain assets and provide a legacy? Both are common answers and will likely affect the type of policy needed. There are hybrid policies that act also as life insurance. In these policies, if benefits are not used in a persons life, premiums are paid back to a beneficiary. These can be a significant tool for preserving wealth and maximizing inheritance.Is an existing policy still appropriate?Companies began offering coverage only a few decades ago, but there has already been a lot of change in long-term care insurance. With the swift rise in the cost of care, many older policies quickly became underpriced, leading to years of sizable premium increases. The question of adjusting to the new premiums, or not, ties in with the rest of the financial plan and can depend on several variables. Having the ConversationIs it true that if you retitle all your assets, the government willDiscussing these questions with a trusted pay for long-term care? advisor will usually lead to an appropriate answer. Education on the topic can also This can cause major, unexpected issues and should typically be avoided. Assetsprovide the added benefit of relieving some moved into trusts, or into the names of family members are subject to a five-yearcurrent anxieties. The most important part look-back period. If care is needed within five years, it is still viewed as ownedis simply having the conversation, even by the original owner. This situation also creates the issue of losing control overthough it can be an easy one to avoid. If the assets, often a lifetimes worth of accumulation, and what happens to thoseplanned correctly, this decision can save an assets. Even if performed correctly, the governments Medicaid program leavesenormous sum of money and, perhaps more little choice of facility or level of care. importantly, years of worry.Should you self-insure? The concerns that everyone experiences with This is a common question, but it should be reserved for those who have amoney are highly personal and the solutions grasp on what expenses could be and are able to pay for care if needed. to many of them can seem intimidating or confusing. However, having a solid planThe most important part is simply havingaround long-term care or other significant the conversation, even though it can beconcerns can relieve some of the stress about the the uncertainties of the future and an easy one to avoid. allow us to live life to the fullest now.5'