You're NOT too young to plan NOW for long-term care.
November is 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.