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17
JAN
2013
Last Updated

Don’t Wait Until You Can’t Qualify

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Sarah had only recently learned of the form of insurance called Long Term Care Insurance. LTC Tree long term care insuranceSo, when she was unsuccessful in securing a policy for her aging mother, Beth, she was devastated. If she had only investigated this form of insurance sooner. But, Sarah, like many Americans, was unaware that this type of insurance existed. Long Term Care Insurance covers the costs of long-term care services such as nursing homes and in-home care that are related to activities that are “non-medical” such as bathing, eating and getting around. Put simply, if you need help taking your medication or recovering from a specific injury or illness, your regular health insurance or Medicare will help. However, if you need help taking a shower or eating, you’re out of luck.

Sarah had watched her mother Beth age gracefully and Beth was still living alone and independent at age 78. So, when Beth started to develop signs of dementia, Sarah was worried. She investigated getting some help for her mother and a friend mentioned getting a Long Term Care Insurance policy. But, when Sarah contacted her insurance agent to explore this option, she was told that it would be nearly impossible to find an affordable policy under these circumstances. She was told she should have looked into a policy 20 years ago when Beth as in her 50’s. Obviously, this news was frustrating and devastating to both Sarah and her mother. Sarah is now doing the tough work of debating the options, none of which are ideal or attractive, of either purchasing an expensive Long Term Care Insurance policy, if she’s able to find a carrier that will accept her mother, or look at working with Beth’s savings and assets to pay out-of-pocket for the care she needs.

Sadly, many Americans are finding themselves in the situation that Sarah finds herself in. Lack of knowledge about long-term care and the more than ⅔ likelihood that you or your parents will need some form of long-term care after age 65 combine to create an unfortunate situation. The reality is that most of us can ill-afford to use our savings or assets to pay for the high cost of long-term care where $74,000 per year is the average rate for a nursing home room and in-home health aides can run upwards of $20 per hour. Add to this that time, as Sarah found out, is not on your side as the early you buy the better chance you have of getting a good deal and to insure that you qualify for a policy.

The moral of Sarah and Beth’s story is simple but heartbreaking: start planning and thinking about your future long-term care needs today and don’t wait until it’s too late. And, remember, even if you have waited too late and are turned down by one Long Term Care Insurance carrier, don’t give up hope. Contact us here at LTC Tree and we’ll work with the top carriers in the country to try to get you the best deal we can. We’re experts in long-term care and can help you navigate the options choices.

Here at LTC Tree, we can help you avoid the mistake that Sarah and Beth made by helping you secure a Long Term Care Insurance policy today that suits your needs and budget. Solid, professional advice on Long Term Care Insurance can be hard to come by, but we have helped thousands of Americans weigh the options and can help you make the right decisions for you, your family and your future retirement plans.

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