Phil Cannella is a seasoned professional in the insurance industry, and a man who has spoken to thousands upon thousands of consumers about long term care insurance. He says there are a number of factors one must consider when looking at taking out a long term care insurance policy.
For example, Phil Cannella says that you shouldn’t buy more insurance than you think you may need. If you have enough income to pay a portion of your care costs then you may only need a small policy for the remainder. You also may have family members willing and able to supplement your care needs. On the other hand, Phil Cannella says that you shouldn’t buy too little insurance. That will only delay the use of your own assets or income to pay for care. Think about how you feel about having care costs that are not covered. While you can usually decrease your coverage, it is more difficult to increase coverage, especially if your health has declined. Plan for the different types of expenses you could be faced with when needing skilled care beyond just room and board. Plan for other expenses, such as supplies and medications and services that your policy may not cover. It costs less to buy coverage the younger you are. This is why Phil Cannella is a strong proponent for not waiting until you are too advanced in age to either not be able to get coverage or it being too costly.
Phil Cannella makes a big point of every consumer understanding why it is so important to take out long term care insurance when you are still young and healthy enough to get underwritten and can get a policy that is much more reasonably priced.