When should I buy long term care insurance is a topic that has been disputed since LTC coverage was first offered over 30 years ago. Below are four key issues to consider….
Your Health Matters
No matter how wealthy you are, your health buys long term care coverage. Insurance companies underwrite policies based on your health at the time of purchase.
- If you’re healthy you’ll likely secure a policy with ease.
- Good health means you’ll receive deeper discounts on your premium.
- Don’t be the judge your own health!! Allow me to put together proposals based on your situation. The cost for coverage may be less than you think. Year in and year out, 80% of people buy a plan because they like the coverage as well as their premium.
Your Age Matters
The bottom line is that your age matters! You’ll pay in less in total premiums over your lifetime by starting younger.
For example, if you start coverage at age 60, you’ll save more money than starting coverage when your age 61, 62, 63, 64, etc. If a 60-year-old pays premiums until age 90, they’ll pay substantially less than someone buying coverage later.
Your Wealth Matters
You are reading this because you have a home and accumulated investments. Money gives us choices and security for various personal reasons. We protect our money with basic insurances like auto, fire, health, etc. At a certain point in life, many people begin feeling uneasy about their money being exposed to long term care event.
Currently, I’m 48 and own long-term care insurance! Why? Because like many of you, I began saving very early in life. I have a large nest egg (at least for me) and my only debt is a small house payment. Ultimately my ability to retire near age 60 isn’t affected by my LTC premium payment.
Your Lifestyle Matters
Anyone reading this has seen people develop chronic or acute health issues. In many cases, almost overnight! What people often forget about is accidents. In my spare time, I enjoy skiing, hiking, whitewater rafting, kayaking, and occasionally mountain biking. Not to mention, driving all over the beautiful Pacific NW. This puts me at a higher for risk for needing long term care due to obvious reasons!
Are you interested in learning more about protecting your assets and securing coverage while you’re young and healthy? Get in touch for a free personalized quote and long term care planning consultation.