If you’d like our team to help you compare benefits and pricing for these plans, simply click the link below. Should you buy long-term-care insurance? Very few Americans, about eight percent, have long-term care insurance policies. Company Name: Association for Long Term Care Planning (ALTCP) Address: 6201 Presidential Court  Fort Myers, FL 33919 Telephone: (800) 362-8837. Thank you. People who are considering purchasing this insurance should know it’s … For some, the price becomes cost-prohibitive if they wait too long to make a purchase. A typical policy will cap the cumulative benefit at some dollar … Having this type of policy is practical and reasonable. “Unfortunately for those over age 75 we have to deliver some bad news. How to Deal with Increasing Long Term Care Insurance Premiums. About 70% of people age 65 and older will need long-term care services, according to research … Continue reading → Regardless of the age group they are included, you should double your efforts in financial planning for your security and your family’s as well. If something happens and you’re uninsured, you need to pay for long term care out-of-the-pocket, which is expensive. We all need to figure out how we will fund this need should it occur. The U.S. Department of Health and Human Services recommends that the average 65 year-old invest $70,000 today in order to save the $138,000 they’ll need for LTC. Clearly, different circumstances call for different solutions. So now is the perfect time to focus on saving more money, eliminating debt and securing your future by buying a policy. 1 0. You can follow these tips to make sure that you qualify for long term care insurance coverage. GARY LANE 714 422 9616. When you buy long-term care insurance you will have the necessary resources to afford quality care, and you will have the ability to choose how and where you receive this care. 4 Secrets to Buying Long-Term-Care Insurance Policies are rising in price, while benefits are getting skimpier. Just like any other policy, buying long term care insurance can be a confusing process. Long-term-care insurance is risky and expensive. If you buy long-term care insurance, let's hope you never need it. Long-Term Care Insurance Tips Plan for the future. Roundup: 5 Serious Aging Issues that are Often Overlooked, 8 Mistakes to Avoid When Shopping for Long-Term Care Insurance. But let's explain why we believe the your mid-50s is the ideal time to buy long-term care insurance. A long term care insurance policy helps pay for nursing homes, assisted living and other services and facilities that assist individuals who are aging, with chronic illness or disability. To sum it up, you should really look at long-term care insurance by your 50s (at the latest). If it's affordable and makes sense as part of your financial plan. The American Association for Long-Term Care Insurance (AALTCI) suggests that your mid-50s are the ideal time to buy affordable long-term care insurance, giving the following example: “You are age 55. Without it, an illness, accident or injury can leave holes in your pocket because of high long term care costs. Many people purchase long-term care insurance around the age of 50, when they realize the cost of their parents’ care. A regular life insurance policy would remain at $300,000. Obviously purchasing an LTC policy is transferring the risk to an insurance company. My wife and I have a few assets we'd like to protect but we hate the idea of paying expensive monthly premiums for a policy we may never use. Do you know how much it costs in your area? But this is a reality that some Americans that don’t entertain until they are old. E.g. There's no doubt we're living longer, but there's no way to accurately predict whether you'll need long-term care. If you fall in-between these two categories, owning long-term care insurance, like all other insurance coverages, offers peace-of-mind … Question from listener: “My Long Term Care insurance premiums just went up by 70%! ?Should I buy long-term care???? Is Long Term Care Insurance Tax Deductible? You can’t buy a policy unless you are healthy and you can’t take advantage of the best rates unless you are healthy too. It may not be a good investment if you can easily afford to pay for long-term care without insurance, as you can assume the risk yourself without undue hardship on you and your family. So, should you buy long term care insurance as early as in your 30’s, in your 50s or when you turn 65? Among those who didn’t own a long-term care policy, only 8 percent were very confident and only 27 percent were somewhat confident. Is there a good rule of thumb on who should buy a long-term care insurance policy? There are several pros and cons that must be considered when it comes to purchasing long-term care insurance. There's no doubt we're living longer, but there's no way to accurately predict whether you'll need long-term care. Long-term-care insurance can help pay for the assistance you might need if you become ill or disabled in the future. If diabetes or heart disease run in your family, getting your Long Term Care Insurance policy in your 40's could be the only time you will be ever be able to get LTCI. And there’s no guarantee that long-term-care insurers will be around 20, 30, or 40 years from now when you need them to pay. Required fields are marked *. Not sure where to begin? Unfortunately, the question of long-term care insurance is one for which I … Long-term insurance expenses can cost close to $50,000 or more per year. Very few Americans, about eight percent, have long-term care insurance policies. Health care costs are a concern for all Americans, but long-term care is the financial burden retirees fear most. Contact Lenny Robbins Contact Lenny Robbins by filling out the form below, Contact Tim Wilhoit Contact Tim Wilhoit by filling out the form below, Contact Peggy Mace, Certified Senior Advisor (CSA)® Contact Peggy Mace, Certified Senior Advisor (CSA)® by filling out the form below, Contact Gary Lane Contact Gary Lane by filling out the form below, Contact Scott Bannon Contact Scott Bannon by filling out the form below. Uninsurable due to sudden and unforeseen events $ 10,000 nearly doubled compared to last year from 17 to. Too long to make a purchase is better about one-half dozen eight percent have... 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