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Long-Term Care Insurance - When is the Best Time to Plan and Purchase Long-Term Care Insurance?
by Dane Petchul
One of the more difficult retirement planning decisions are whether or not to buy long-term care insurance and, if so, at what age to purchase it. Long-term care planning is usually the one that is most overlooked. Most people do not picture themselves as old and needing care with daily activities, so long-term care planning is put on the back burner. In comparison, life insurance is usually purchased (at a young age), just in case of death in order to protect their families.
Long-Term care insurance hasn't been around as long a life insurance, but plays an important part in protecting families in a variety of ways. Having a long-term care plan in place by purchasing long-term care insurance, gives you the ability to choose where and how you receive care. Staying in your home with the assistance of outside help will be paid for as well as receiving care in a variety of settings. You won't be a burden on your family. Your family will remain what they should be, family not caregivers. And your assets will be protected.
Of course, the ideal time to purchase long-term care insurance would be right before you know that you will be needing care. This however, isn't good planning because right before you know will be needing care, you probably will not qualify for this type of insurance. Compare this to calling your insurance agent and requesting homeowners insurance when you are running out of your house because it's on fire. Sounds silly, right.
At this time in your life, you are younger and healthier than you will be tomorrow. It is important to set a budget that is comfortable and affordable and know that you will be paying this premium for many, many years. The advantage of acting soon than later is that it will only get more expensive as you age and the companies will introduce new policies that will cost more than the policies available today.
Ask your long-term care specialist for the statistics personalized for you on the:
Cost of Waiting
Investing the Premiums Instead of Long-Term Care insurance
The key variable, which cannot be quantified, is insurability. An accident or decline in your health could make you uninsurable at any time or price. If this would happen, you would have expensive consequences. You would have to pay for all long-term care yourself out of your own assets. If your money is now being spent on long-term care, what does that do to your spouse or partner? Even if you are receiving care, it does not mean you stop living and we know that enjoying life cost money.
The conclusion you should draw is that the safest route is buy coverage sooner rather than later. The only risk to buying early are that you will be paying premiums for many years before making a claim or never make a claim under the policy. This is the same risk you hope will be true for homeowner's and auto insurance, however, the chances of your needing long-term care are 1 in 2.
About the Author
Before you purchase a long-term care policy, consult with Dane Petchul, LTCP, CLTC, a Long-Term Care Specialist at LongTermCareInsurancePros.com You will receive a free, no obligation quote with the costs and benefits appropriate for you and your family. Ask for your personalized quote with "Cost of Waiting" and "Investing My Premiums" information to help you with your Long-Term Care Planning.
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