Many people feel comfortable that they have a decent healthcare plan, and don’t consider what would happen if they become sick or disabled and are in need of long-term care. Most health insurance plans will not cover this type of service, and costs can reach tens of thousands of dollars annually.
If you are over 65, there is a fifty percent chance you will need some form of long-term care. That does not mean this is a policy only for those over 65. Forty percent of those receiving long-term care are under the age of 65. Long-term care should be considered by everyone. To evaluate whether or not you would benefit from a long-term care policy determine 7 percent of your gross annual income. If your long-term care premium will be less than that 7 percent, consider the plan, otherwise it may not be financially advantageous for you.
Key Considerations to help you purchase the right plan at the right time:
· Unlike life or disability insurance, long-term care insurance isn't designed to replace your income, but to purchase care.
· Investigate cost of in-home care or nursing home stays in your area.
· The younger you are when you purchase the plan, the lower your premiums will be.
Contact us for more information or to obtain a quote. Long-term care insurance has dozens of features and can be very confusing, so let us help you chose the right plan for you!