Who Should Consider Long Term Care Insurance (and Why)
If you have assets to protect, but aren't wealthy enough to comfortably pay for long term care services out of your savings, you should be comparing long term care insurance policies now. It's especially important if there's a history of serious illness in your family.
It's also very important to apply while you still have your health. If you do not have a long term care policy when your health situation requires you to have one, most insurance companies will not issue you one. It might be too late. (Long Term Care policies are underwritten like health and life insurance policies and are not guaranteed for acceptance)
Most think that they will only require long-term care services when they get older. While it is true that many receive long term care services at an older age, 40% of the individuals receiving long term care are under age 65! Not only is not just for older individuals, but like Life Insurance the sooner you get it the better your premiums are.
Long Term Care policies are usually guaranteed renewable, meaning once you qualify, you'll remain eligible as long as you pay your premiums. This is another good reason to plan ahead? The premium is based on your age at the time you purchase the insurance - and could be locked in for the life of your policy depending on whether the insurance company raises rates.
If you have questions or would like more educational material on Long Term Care, please call or contact the Garsys Agency 866-432-4753.
*U.S. Office of Personnel Management, 2001