It’s time: Take a look at Long-Term Care Insurance

It’s never too early to get some information on long-term care insurance, either for you or your parents. If you are over age 50, you really need to take the time to check it out and see if it’s right for your situation.

There are several advantages to buying Long-Term Care Insurance as early as possible.

First, you get valuable coverage right away.  A serious accident or debilitating illness can strike at any age.  40% of people who need long-term care are between the ages of 18 and 64.[1]

Second, you are more likely to qualify for preferred rates, and avoid the risk of developing a condition that would make you uninsurable later.  Your premiums are based on your age and health when you apply.

Finally, you will save substantially.  Not only will you get better rates when you are young and healthy, but your overall costs will be substantially lower too.

Even if you remain healthy, putting off buying coverage will typically result in a cost increase of 8-10% per year.  There are two factors that cause the premium increase: your age at purchase and the higher benefit you need because nursing home costs are rising at about 5% per year.  Once you buy coverage, your premiums are projected to remain unchanged, and your benefit rises automatically if you purchase coverage with inflation protection.

Next Steps:

The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.

[1]America’s Health Insurance Plans, “A Guide to Long-Term Care Insurance,” 2004

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