Getting older isn’t easy. There are many things that we could once do that we are no longer fully capable of doing anymore – or it may just take a bit longer to do. Did you know that nearly 70% of American individuals who are age 65 or older will need some form of long-term health care, that is, care that lasts three or more years? Health insurance is important but for individuals who are approaching that age 65 barrier, Long-Term Care (LTC) Insurance is even more important. Still not sure if Long-Term Care is for you? Here are a few important things about Long-Term Care Insurance.
When to Buy
Most people begin to think about long term care in their 50s or later. You should begin to shop around for Long-Term Care policies while in your 50s. Typically, it is better to start shopping early, before you turn 65, because the rates are generally lower. Like life insurance, the younger and healthier you are, the lower the premium you can get for LTC. Long term care can be quite costly, so it is best to lock in better rates while you can.
Determining How Much Coverage You Will Need
LTC Insurance is extremely customizable; you can choose a policy term for a specific length of time or for the rest of your life. The longer you wish to be covered, the higher your premium will be. Before signing up for lifetime benefits, first consider whether you currently have any health issues that may result in long term care or if you have a family history of such. On average, most plans are between a three and ten-year term.
Is It Expensive?
The monthly premium of Long-Term Care Insurance depends on the type of policy you build. Longer terms, higher coverage caps, and immediate benefits can all drive the premium up. If cost is a concern to you, speak with one of our knowledgeable insurance agents to build you the best policy for your needs within your budget.