Can we buy a small LTC policy today and add more coverage later?

04/26/23 • 12 min

This week, Diane shares three things we need to consider if we are designing a long term care plan with multiple policies purchased over multiple years. Age, health and insurance industry and company changes could cause us to pay a lot more for coverage later. Or we may end up not eligible to buy additional coverage when we want to. However, if we absolutely have to build our plan in pieces, and if some event or industry change occurs that prevents us from doing so, at least we have some coverage in place that will help our family help us better. Starting early and having your benefits grow over time is a safer way to plan. Let me help you create meaningful benefits using the most efficient funding strategy. Ask me how at

Previous Episode

Why can't I just get a quote?

Lately, we've been getting a lot of inquiries from adult children of parents who failed to plan for LTC needs. These people are disappointed that their parents either thought they wouldn't live this long, or if they did, they wouldn't need help living through each day. The kids are now considering that they may also live a long life and need help someday. Often, these kids want a quick quote for LTC insurance for themselves. It's not that simple, as there are a lot of questions to work through as well as design and funding options to consider. This week, Diane shares several LTC planning solutions and who would be better off with certain solutions. We share some limitations with each strategy as well. Thank you to BuddyIns for sharing your wealth of knowledge and resources to help with our research.

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LTC insurance buys your family time to make better decisions for your care

This episode was originally published in June,2022, so some numbers are slightly outdated. With a long battle of dementia looming, Bonnie's family is pretty sure she doesn't have enough insurance to pay for as long as she needs. They know that she has at least 3 years of benefits, and that buys them the time they'll need to plan for a transition to Medicaid, if needed. They won't need to sell her house right away, and she can live there alone for now, with help from her LTC insurance and home caregivers. They can be ready if she needs to move to assisted living or to her son's home. The family has options, depending on how her health leads their decisions, and they can remain in control of her choices as they help her transition as easily as possible. Schedule a phone or zoommeeting with me at