The holidays are often a time for reflection and appreciation for what you have in life. Between all the gift giving, celebrations and family gatherings, it’s easy to forget that unexpected things unfortunately do happen.
So, this year, provide yourself with piece of mind by being prepared for the unexpected when it comes to your health. Even if you’re currently in the best of health, considering long term care insurance is important. It’s not about the “risk” of needing care, it is about the “consequences” of needing care and not having a plan. Should you ever need long term care, you will thank yourself for having the foresight to invest in a long term care plan sooner rather than later, and here are a few reasons why:
Protection for your retirement income and you family: You want to make sure your family will be able to handle any costs associated with you becoming impaired, or being in a situation where you need special care or housing…and maintain the lifestyle your income is providing.
More affordable rates: Obtaining long term care insurance now, when you’re healthy and younger, helps lock in a more competitive rate for your plan. LTC insurance rates increase based on age, so you will save big by locking in a rate sooner.
A greater selection. With good health and youth come more choices for your long term care insurance. As you get older, these options will be limited in plans and coverage amounts.
Although long term care insurance may be more affordable for you now, it’s good to know what determines your policy rate. Your age, health status, type of policy you select, marital status, and if you are part of a larger group (employer-based) all play a role in your final quote and rate.
One of four eligibility factors come into play:
Once you’ve decided to invest in long term care insurance, there are a number of factors to consider before choosing your specific plan, such as the strength of the insurer, whether or not you have an adequate daily or monthly benefit, whether or not the policy is protected from inflation, comprehensive coverage, and stability of the premiums. Schneider & Shulman Associates is here to help walk you through these considerations to develop a customer long term care solution that is suitable for you.