Who should buy long term care insurance?
Anyone who has something valuable that they want to protect or that has daily needs due to a chronic illness or a variation of disabilities. Having basic coverage on long term care insurance covers basic daily needs over an extended period of time. The Agency of Aging says, ” someone turning 65 has a 70 percent chance of needing some type of care of long term care coverage for their remaining years.”
Financial risks in purchasing long term care insurance?
Purchasing long term care insurance does have a cost, but a cost that outweighs the risk of not purchasing it. Morningstar says, ” 68 percent of people turning 65 have trouble doing two basic daily tasks such as bathing, getting dressed, or eating.” Basic policies provide assist with skilled therapists and nurses that can help from months to years. Purchasing long term care protects families and provides quality care and making sure that there is no stress in the years to come.
When should you buy long term care insurance?
A good age to apply, according to Jason Nichols, is mid 50’s and “health-qualify.” Which means that you have to meet the qualification to be approved for long term care. Mr Nichols says:
“20 years ago our average client’s age was 65 years old, now our average client’s age is 54. The reason people are buying it much earlier is it’s tough to qualify now in your 60’s. The companies have really tightened the health standards to where 55% of people who apply after age 60 are declined.”
It’s good to plan ahead and have time to protect yourself and your family. Start shopping and seeking out different companies and policies ahead of time to save yourself from the high rise in prices. Every year that coverage is not purchased prices tend to be more expensive. Start investing for the future and protect what matters most.