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Buying Long Term Care Insurance
Maybe you haven't had time to stop and consider that one day you might need the services of a nursing home or the assistance of an in-home healthcare professional. Maybe you've lived a fit and healthy lifestyle that's reduced the risk of that need. You take care of yourself now, but what about when you're unable to?
Don't Get Stuck With the High Cost of Long Term Healthcare
The older you are, the more likely you are to require one sort of long term care assistance or another. Even a few years of long term care costs can wipe out your life savings. When to start looking into long term care plans will depend on your age and financial circumstances.
When's the Right Time to Buy?
Because your premiums are based on your age, the younger you are when you first buy a long term plan, the less expensive its premiums are going to be. There's a tradeoff for buying in advance: if you purchase a long term care plan too early, you could wind up paying expensive premiums for a long time.
Most insurance carriers will write long term policies for anyone between 40 and 80, but most of us buy a long term care plan when we're in our fifties to avoid the higher premiums if we wait too long.
Deciding whether or not you should purchase a long term care policy will largely depend on your individual circumstances.
Should I Be Considering a Long Term Plan?
- Are you between the ages of 40 and 80?
- Do you have dependants, savings, a home and assets that you'd like to protect?
- Are healthy, active and insurable?
- Can you afford to pay the premiums now and able to afford to pay the premiums in the future?
It's a tough decision, but if the items above apply to you, it may be time to consider a long term plan.
Planning for Your Future Healthcare Can Begin Today
The need for a long term care plan can arise at any time. If the unexpected happened to you, your spouse, or your parents, would you be able to afford it? Don't just leave it to the federal government. Take steps now to ensure the quality of your future, and your family's.
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