By Rosemarie Hurley, Long-Term Care Insurance Specialist –
When you have worked in an industry as long as I have, certain questions repeat themselves. In this case, there are two questions that are on opposite sides of the issue. My answer is always the same. The best age for looking into Long-Term Care insurance is NOW.
Too often when people are considering retirement or just retired a few years ago, they feel as is it is “much too soon” to consider Long-Term Care Insurance (LTCI). There is a very prevalent misconception that you should wait until you are “old” to buy this. That is very wrong.
For one thing, LTCI is MUCH less expensive when you buy it younger. Age is a considerable factor when calculating premiums. But even more important is the fact that if you wait too long, you can preclude yourself from qualifying. This is the biggest mistake of all. Your current state of health when you look into purchasing LTCI is even a more important factor than age. And of course, since we cannot change the age we are (although we wish we could sometimes), we certainly CAN take advantage of our state of health.
Long-Term Care Insurance is a retirement PLANNING TOOL. It is a very important piece of asset preservation planning. Once you retire, you have worked all your life to be able to kick back and enjoy things—to do whatever you please. If you have a LTC plan in place, you have the peace of mind to do just that. If you do not have a plan, then you have the worry and financial burden of being concerned with where the money will come from and how long your money will last. One spouse with an LTC illness or injury of a significant timeframe can totally wipe out the hard-earned nest egg.
Now, you don’t have to have perfect health in order to qualify for Long-Term Care Insurance. There are many health conditions that are perfectly acceptable. Let’s be wise shoppers and investigate the plans and pricing of all of the major companies. While plans have similar benefits, they are clearly NOT all the same policies. Compare with the help of an expert.
Be pro-active. Look into this very important type of insurance NOW while you can still afford it and while you are relatively healthy. Plan ahead and you will have a better shot at enjoying those golden years.
Rosemarie Hurley, president of Senior Insurance Solutions has been a Long-Term Care Insurance Specialist for over 17 years and brokers with only the finest insurance companies in the industry. She is a Certified Senior Advisor and Past President of the local chapter of the National Association of Health Underwriters. She is a member of the Bonita and the Estero Chambers, current Past-President of the Rotary Club of Estero. She can be reached at (239) 274-6678, in Estero, or please visit her website: www.longtermcareinsurance-online.com