It seems like a question you couldn't possible answer until you need
to use it- but by then it's usually too late. With a little prudence,
a little guidance, and some simple and straightforward information from this long term care review, you should
easily be able to decide if long term care insurance is right for you now or
sometime later.
Costs for long term care are exorbitantly high if you wait too long and the
disparity in levels of care that are covered by differing long term care insurance
policies. This is no longer a case of if you need it, but when you need it.
Here's a short guide we've compiled to help you decide when it's
time to start shopping for long term care insurance quotes:
The first and easiest element to judge is your age. Most people are waiting
to buy long term care insurance until they're well into their sixties,
but this just isn't responsible. How many people do you personally know
that needed to have some sort of assisted living arrangement at sixty? Few-
but you could be one of those few. Age, however, can be deceptive if used as
the sole judge of need. How long do people in your family generally live? Most
of us in the Baby Boomer generation are living ten or more years longer than
our parents but that doesn't mean that we need coverage later in life-
it just means we need different coverage. Age is certainly the first factor
but it hinges on another more telling indicator.
Health. How healthy are you? Are you overweight? A smoker? We're a hard
working generation- how has that affected your overall wellness? Tie your age
in with your physical condition and you start to get a better picture of when
you might need long term care insurance. Maury, a pipe-fitter of 35 years, is
now 58 and has mild arthritis in his hands, knees, and hips causing trouble
for him in a number of seemingly innocuous ways. But when he weighs that against
the backdrop of his fathers extremely long lifespan, as well as his mother's-
a nonagenarian who still foxtrots around the kitchen- he has to seriously consider
moving plans for a long term care insurance policy up in his priorities.
Another consideration is your personal finances. The premiums involved with
long term care insurance generally preclude buyers on a fixed income, but if
you've been wise about your investing and saving you need to carefully
weigh your choices. The rates will be lower earlier but will you need the coverage?
How long can you sustain a LTCI premium? How will your long term care fit in
with your financial plan for you children or your spouse? All these are questions
you need to answer when considering your LTC options.
In the end, you'll have to think hard about each these factors. Don't
wait too long, don't overspend, and keep as fit as you can late in life.
You'll make the right decision about when the time is right to buy your
long term care insurance policy. To examine your possibilities, get a free online long term care insurance quote from an impartial expert today.
|
