Buying long term care insurance – Is it right for you? Is it costly? What does it cover? Will it be available to you when you feel you need it? A professional in the field can, and will, answer all of these questions.
Each of us has the power to make “our own best decisions” for ourselves provided we have enough information to do so. The information you use to make your decisions in life may involve many different facets that are relevant to you and to those you hold emotionally near. It is likely that what prompts one person to act may not be the same as what motivates another person to make a move. I share my feelings and thoughts with anyone interested in this subject with hope that it may help one person or many people to make their own best decision.
The reasons it made perfect sense to buy long term care insurance for myself at the age of 45 follow:
- At the age of 45, with no pre-existing conditions, I was a healthy and eligible candidate for the insurance companies.
- I considered the cost of $60.68 per month to be economical in exchange for the amount of $150.00 of lifetime daily benefit coverage.
Notes of interest to keep in mind:
The older one is, the more expensive the cost is.
Taking a policy with fewer years of coverage, instead of lifetime coverage, is an option one may want to consider.
The thought process I used to justify the monthly investment:
- “I can easily drop $60+ on a dinner-for-two at a nice restaurant in one sitting and have nothing to show for it the next day.”
- I then played with the idea that if I needed the benefits at the age of 85, (40 years later), the accrued cost at that time would be a total of $29,126.40.
- “Under $30,000.00 for $150.00 of lifetime daily benefit coverage (whether at a nursing home, a community-based environment, or at home) and being able to pay for it over the length of 40 years?”
- “This is a no-brainer, the numbers make sense to me.”
Relevant factors you may want to consider when making your own best decision regarding long term care insurance:
- Generally, the younger you are at the issue date of the long term care policy, the more economical it is.
- Health conditions can affect eligibility for long term care insurance.
- Once insured, aging beyond the issue date of the policy generally does not trigger an increase in your monthly cost. On the other hand, other types of insurance can, and do, increase in cost with advancing age.
- Long term care insurance coverage can help to alleviate the burden of payment for your long term care needs.
So there it is. This was my rationale for buying into long term care insurance at a younger age. By the date this post was written, I have had plenty of experience with elderly-related long term care issues. I wish my loved ones would have planned ahead more. When someone you love needs care, the last thing you want to worry about is how to pay for it.
This post is intended to plant a seed in your thoughts about the subject matter of long term care insurance. The value in buying other types of insurance has been around forever. In my humble opinion, the value of buying this one is just as important. I hope this information helps you make your own best decision.
Sending good intentions your way!
DISCLOSURE: Any information provided on and throughout this post including, but not limited to, information furnished on resource web links are provided for your convenience and general knowledge, is not warranted or guaranteed, and is not intended to be legal, health, medical, or professional advice. All information presented herein is subject to errors, omissions, and changes without notice. We urge you to seek the advice of qualified professionals for the most accurate information and before taking any action.
