Have You Looked into Long Term Care Insurance
If you have been asked about your financial planning, you have probably been asked have you looked into long term care insurance. Long term care insurance, first and foremost, is a way to protect your savings and your estate from the possibly astronomical expense associated with long term care (LTC). For this reason, it bears looking into as you head into your retirement years.
Long Term Care Insurance: Will I Need LTCBaby Boomers are reaching the age when they are at a risk for needing LTC and skewing the statistics in regards to the likelihood for long term care. Because they make up a large portion of the population and because people are living longer than in the past, many more people are needing long term care services. Recent figures estimate that 70 percent of those who live to be over 65 will require some level of long term care at some point. The average length of time requiring long term care services is 3 years.
Long Term Care Insurance: How Much Does LTC CostThe cost of LTC is the reason for the existence of long term care insurance. Several factors will determine how much it will cost for long term care, most importantly are the area in which you live, the type of care needed, and the facility in which the care is given. Home health care is the least expensive and will cost, on average, over $20 per hour. The most expensive is a nursing home and average costs can run between $50,000 to well over $100,000 per year. Remember the average time period in which long term care services are needed is about 3 years.
Long Term Care Insurance: When to BuyThe best time to begin considering a long term care insurance policy is in your mid to late 50's. At this point you are probably still pretty healthy, but are close enough to the age when the need for long term care at some point becomes a risk. If you wait until 65 or older you become a part of that group with a 70 percent chance of needing long term care in the very near future. This means higher long term care insurance premiums. If wait even longer, into your 70's, you may find that no company will insure you.
Long Term Care Insurance: Who Can BenefitA long term care insurance policy can be helpful to virtually anyone when purchased at the right time. If you have an estate or savings that needs protecting, it can be an affordable way to do so. If you have a family history of certain medical conditions, then it is a good way to get ahead of the situation and protect your finances. If you have a spouse and/or children you do not want to burden with the cost of LTC, insurance can ease or prevent that burden.
Long Term Care Insurance: Comparing CostsIt is still difficult to get up-to-date and credible figures as to the average cost of long term care insurance premiums. Your best bet for finding out how much a specific policy will cost you is to take a few minutes to gather long term care insurance quotes. The quotes are free and they can help you to find the best deal for you. There is no reason, if you are at the right age, to not get a few quotes to see if long term care insurance is right for you. |
Get Free Long Term Care Insurance Quotes!
