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Prepare Now for Your Long Term Risk

 

Putting off things such as planning and preparing for the risk of needing long term care (LTC) is a very easy thing to do. They take a back burner to all the things that pop up during the course of a day and require immediate attention. At some point, however, you will need to sit down and take a long, hard look at your future and the likelihood of needing long term care insurance.

 

Don't Wait too Late to Purchase Long Term Care Insurance

In most cases, it is true that you will be in your golden years, 70 years of age or older, before the probability of needing LTC is substantial. However, that does not mean that waiting is a good strategy. That is like waiting until you get really sick before purchasing health insurance. You know what will happen then. You either become uninsurable or the premiums are way too much for you to afford. You need to prepare ahead of time in order ensure that you can qualify for a policy and that the rates are reasonable.

 

Purchase Long Term Care Insurance When You Feel Invincible

Just because you are reasonably young and in good health now does not mean that something can't happen tomorrow. You are probably thinking that the rates will be lower when you purchase young, but the years you will pay into the policy will result in more money sunk into the policy. This could be true sure, but, depending upon when you buy, you could actually pay less over the life of the policy by purchasing at a younger age. Even if you pay a little more over the long haul, you will have guaranteed that you are insurable, and you can avoid that large monthly expense as you get older.

 

When to Buy Long Term Care Insurance

Timing is everything and most assuredly so when it comes to choosing the right time to purchase a long term care insurance policy. Though it will vary from person to person, the most opportune time to consider a long term care insurance policy is between the ages of 50 to 55. This generally promotes the best balance between time of paying into the policy and low monthly rates.

 

Long Term Care Insurance Statistics

To help you better grasp the possibility of needing long term care insurance, here are a few statistics to consider.

 

  • 12.5% of those needing LTC are under the age of 70
  • Over 90% of those needing LTC need it for 3 years or more
  • The average cost of a year's stay in a nursing home is over $80,000
  • 75% of those over the age of 65 will require LTC at some point
  • 50% percent of couples and 75% of single people lose their entire life savings after one year of nursing home care

 

Long Term Care Insurance Quotes Promote Savings

If you are at the point of considering long term care insurance, you should at least do yourself the favor of getting a few rate quotes. They will help you see just how cheap the policy can be if you purchase at the right time. Quotes along with research can help you find the best combination of coverage, cost and total customer service on a quality long term care insurance policy. Of course, the key is to fight off procrastination and prepare today for the eventual need for long term care and protect you with a long term care insurance policy.

What Exactly is Long Term Care Insurance