NOT too young to plan NOW for long-term care.
Long-Term Care Awareness Month.
This means that it is time to learn more about the potential risks and
costs … and most importantly, the options available to you.
Smart reasons to think about long-term care as part of your overall financial plan.
You plan for protections against other risks such as car accidents and
house fires. However, many people do not think to plan for the option
of Long-term care. Long Term Care Insurance has not always been on the
market, but without it, the need for long term care can pose a risk to
your savings, retirement and overall estate. The need for such care can
and will impact your family and loved ones, so it is important to plan
ahead. Here are some things you should know:
Buy Long Term Care Insurance before age 65.
Your age and your health are important factors which help determine the
cost of long-term care insurance protection. You only have to buy it once
and the costs are based on your age at application and go up each year
you wait to purchase it. By waiting to purchase until you are closer to
retirement you might find the cost has increased significantly.
In order to receive Long Term Care Insurance you need to qualify for it.
Your good health today can help you 'lock in' preferred health
discounts that won't change even if your health does. If you currently
have a health condition it's especially important to find out if you
can health-qualify before it may get worse. Although it is not impossible
to qualify as you get older, it definitely is not easier.
Discounts can help significantly reduce the cost.
Long-term care insurance protection CAN be affordable. There are newer
plans suited for people of a younger age. Additionally, there are ways
to reduce the cost of long-term care insurance for individuals at every
age. Planning ahead can save you money!
The first step is in your hands.
Getting the information you need to make an informed decision is always
a smart move. Waiting is never advantageous.
Becoming insured for Long Term Care can reduce the price of any end of
life care that may be needed which in turn will benefit your loved ones
who would normally have to sustain such a cost. If you are preparing and
Estate Plan then looking into Long Term Care is something you shouldn't
put off. Unsure how long-term care insurance can affect you? Give us a
call. We can discuss the implications on your estate and how to effectively
plan ahead. We also have referrals for long-term care insurance providers.