Don’t Retire Without Your Long Term Care Insurance Policy
Turning 65 is supposed to be a life defining moment for senior folks as it marks their retirement from long years of laborious work. Unfortunately, many individuals nearing this age are not sure if they should retire at all because they were not able to buy a long term care policy that will protect them in the event that they would require care someday.
Only a handful of senior citizens are looking forward to retiring because majority of them have actually decided already to extend their working years in order to save more money for their future needs specifically in the area of long term care (LTC). This is an expensive type of health care which is usually associated with the elderly for 70% of LTC patients comprise of individuals from ages 65 onwards.
Experts on the field of LTC say most senior people require three years of care. Their basis for saying this is the length of time that elderly folks spend in nursing home which is three years on average. Others would stay five or 10 years depending on their medical condition.
Entering a nursing home can ruin one’s finances if he plans on footing his bills with his personal money. Only the rich is capable of paying for nursing home care. If you are a middle-class American who earns less than a hundred thousand dollars a year, you have to work on a plan that will support you financially when the need for LTC comes.
When Should I Buy a Long Term Care Policy
Not so long ago, LTCI specialists would advise people to purchase their policies between the ages of 50 and 55 but it appears that this age bracket is no longer advisable for LTCI application because most people begin to manifest symptoms of a health disorder when they get to their 50s.
Bear in mind that underwriters of LTCI companies are very particular about the age and health condition of individuals who are seeking coverage. For instance, if you apply for a policy at the age of 60 and the LTCI carrier sees that you are genetically predisposed to diabetes they can subject you to a more expensive coverage or tag you as ineligible for coverage if they notice that you are on the heavy side. Like your health, your built is also assessed by underwriters to determine if you qualify for coverage or not.
The best thing that you can do to avoid being rated or declined by a company is to study your policy options while you are young, healthy and earning a fixed income. If you buy your long term care policy while you are in your 40s you will only be subjected to longer premium payment. But this should not be a problem if your annual premium us only $1,000.
Think about those who are currently spending $100,000 or more out-of-pocket every year just to receive quality care. One day they will wake up and realize there is nothing left in their wallets and bank
account. God only knows how these people and their families will go on with their lives.
Processing your request, Please wait....
