When Should I Buy Long-Term Care Insurance?

According to the US Department of Health and Human Services, 40 percent of people receiving long-term care in 2003 were between the ages of 18 and 64. The odds of needing either home health care or nursing home care are greater than 50%.* Therefore, you may want to consider making long-term care insurance part of your overall financial plan.

Part of Planning for the Future

Insurance is intended to protect you from risk. In this case, long-term care insurance protects you from bearing the full responsibility of the cost of receiving extended personal care. Long-term care insurance is an important part of your overall financial planning.

The Cost of Waiting

If you're thinking about waiting to purchase coverage, consider the impact time has on the cost of the insurance. Each year your wait may cost you more money. Premiums are based on your current age. To keep pace with inflation, you'll need to purchase a higher daily benefit leading to a premium with a higher cost. If you wait, you may miss your opportunity to qualify for preferred rates or, even worse, become uninsurable.

Contact us to discuss your need for long-term care insurance today!

*"A Guide to Long-Term Care Insurance", Health Insurance Association of America, p 5, 5/03 http://membership.hiaa.org/pdfs/2003LTCGuide.pdf