There are many thoughts that go through people’s minds as they approach retirement or even begin planning for retirement well before retirement age. Also, what is the actual retirement age today? As inflation rises and living expenses increase, more and more people are simply forced to work longer.

The good news is that we are living longer. Hopefully, you will live a long and prosperous life and health or money problems will not affect your golden years. If long-term care is needed due to injury, illness, or even cognitive impairment, long-term care insurance is one way you can deal with the unpredictable costs of expensive long-term care. But to be prepared, you need to consider how to make long-term care insurance work for you.

Fortunately, we now have some financial tools to help make the golden years more emotionally, physically, and financially comfortable. A very viable solution may be long-term care insurance (LTCi). Long-term care insurance used to be thought of as “nursing home” insurance, but that’s not the case anymore. Seek the advice of a long-term care specialist who has special education and training (LTCP, CLTC) in long-term care planning and financing.

You’ll save hours and hours of research simply by consulting with an independent agent who specializes in long-term care insurance.

Here are the options to consider and discuss with your long-term care specialist when considering long-term care insurance.

Daily life activities: Most insurance policies respond to problems that require assistance with Activities of Daily Living (ADL). These include dressing, bathing, transferring, toileting, eating, and continence, as well as cognitive ability.

Company Ratings: Financial strength as rated by AM Best Co., Moody’s, and Standard and Poor’s

Daily/monthly profit: The amount of money one will receive daily or monthly when a claim is made.

Benefit Period: The period of time that the daily or monthly benefit will generally pay in years.

Elimination period: The number of days you are responsible for your own bill before the insurance company pays is often called the deductible.

Inflation Protection: This is a hedge against rising cost of care in the future.

Shared attention clause: It allows a couple or partners to share the benefits of others.

Spouse/partner discount: Discounts for marriages or couples

Health discount: The discount is granted for above average health.

Home Health Care Rider: Offers a zero-day elimination for care provided at home

Guaranteed Renewable: When premiums are paid on time, one cannot be canceled because of changes in your health.

Free 30-day look: When the policy is issued, you have 30 days to change any of the benefits or options or to decline coverage.

Potential income tax benefits: The business owner may deduct some or all of the premiums.

Here are some of the options to consider when evaluating long-term care insurance plans. Long-term care insurance is a bit more complicated than life insurance or health insurance, so it’s best to consult with a long-term care specialist. A long-term care specialist will educate you on long-term care planning. He will determine if it makes financial sense and then together you will design a plan that fits your unique situation.