A Long Term Care policy ensures that you can live your life on your own terms and conditions. If you don’t want to risk your retirement that took you so long to build, or if you want to leave an inheritance to your children or a loved one, or you feel that you never want to leave your home to go into a care facility, or you think that your children shouldn’t have to care for you …. Then YOU need to review Long Term Care Insurance!
Long Term Care cost are on the rise and the potential for the need of long-term care is a risk that can deplete your income and savings as well as cause undue stress and financial burden to your loved ones.
The cost of a Long Term Care policy will be determined by many factors such as your age, health, the policy coverage, the length of your elimination periods, and the length of your benefits. Purchasing a Long Term Care policy when you are in your 50’s and are still healthy will give you a lower premium and a better chance of an acceptance by a company. Those that purchase a Long Term Care policy in the age group of 60 to 90 have a denial rate of 23% due to pre-existing conditions compared to a denial rate of 14% for those applying in their 50’s.
Just because you are under the age of 50 doesn’t mean that you shouldn’t review Long Term Care coverage. Did you know that 40% of the 13 million people receiving Long Term Care are under the age of 64! Think about – a sporting accident, auto accident, or an illness can cause you to need Long Term Care!
Did you know that Long Term Care needs are not covered by your group or individual health care, nor Medicare! If you don’t have a Long Term Care policy and family members can’t afford the necessary care for you, you will need to use up your income/assets before getting Federal assistance.
Important Fact: Do you know 7 in 10 people will need some long-term care service at some point in their lives? (cited from www.longtermcare.gov)
Important Fact: Women are the primary care givers in our society, it’s likely that women will care for their husbands when they need assistance and that the husbands will no longer be alive when their wives need assistance.