Long-Term Care Insurance Protection For 20 a Week: Motorcycle Agency and Budget Comparison

Long-Term Care Insurance Protection For 20 a Week

If you are in your 50s, you face a serious dilemma. It’s one you can’t do anything about. I’m not talking about the economy or the plummeting value of the stock market. I’m referring to the one thing that’s guaranteed to go up every single day. Your age.

No matter how the Dow Jones performs today or tomorrow, the fact is you are getting older. Hopefully you are living a healthier lifestyle. Thanks to eating those five servings of fruits and vegetables as well as advances in modern medicine it’s more likely than ever that you will live well into your 80s, your 90s and quite possibly even past age 100.

When you live a long life, the chances are dramatically increased that you will need some long-term care. Most people understand and accept that as fact. The disconnect comes when they think about how they will pay that bill. Don’t count on a personal government bailout to pay the bill — government will have too much else on it’s plate. And, your 401k — now a 201k — well, can you really count on that being sufficient? To quote Clint, “are you feeling lucky?”

That basically leaves you several options. If you are able to have accumulated enough savings, you’ll be able to spend those savings until they are depleted and then turn to the government for public assistance (welfare). If it sounds harsh, it’s a matter of reality that you need to face. Uncle Sam will (hopefully) pay the bill but they will also determine what kind of care you’ll get… from who… and where. Free isn’t always good.

Your other options are to take a reverse mortgage on your home — assuming it has residual value. That is certainly a viable option, unless you were planning to leave the full value of the home to children or other heirs. And, finally, like some 8.25 million other Americans you can purchase long-term care insurance. About 400,000 purchase coverage every year on an individual basis or through their employer.

Given the harsh realities, one might think there would be lines of people waiting to purchase this protection. A recent long-term care insurance industry association study revealed two significant reasons more individuals are not (yet) buying protection. The first is that individuals perceive the cost of insurance coverage is actually higher than actual costs in most states (long-term care insurance premiums vary from state to state typically due to various state-required provisions). I’ll address that misperception shortly.

The second reason many consumers cite for not purchasing coverage is a belief that planning should coincide with retirement. As a result of waiting until their mid-60s, a significant percentage of applicants no longer qualify for significant discounts that most insurers offer to those who are in good health. A fair number, according to industry experts, are no longer able to health qualify for coverage. They cannot purchase long-term care insurance protection — no matter how much they might be willing to pay.

So let’s tackle some of those vital misperceptions head on. The first misperception is that you won’t need long-term care. Too many articles focus on averages; which point to the fact that one out of two people will need long-term care. I can hear you saying, “that’s right, I’m going to be the one who won’t need it.” If you are married, I guess that means you have condemned your spouse to needing care. Good work.

But here’s the reality as it pertains to you. Your chance of needing long-term care is either 0% or it’s 100%. That should change your perception. Back to my good friend Clint, “are you feeling lucky?”

The other misperception is cost. As a trade organization we conduct an annual Price Index. The data is posted on the Association’s website.

The cost of long-term care insurance protection for someone age 55 is about $1,064. First, that’s an average. Each long-term care insurance company sets their own rates and these rates can vary quite significantly. You could find yourself paying a little less… or a lot more. It’s an important reason to speak with an insurance professional with access to multiple long-term care insurance policies (not just one company’s product).

For that $1,064 — a few cents over $20 per-week — the individual has an immediate $172,000 of coverage. They have a stroke, have an accident or some other need that meets the long-term care qualifiers and they’d have $172,000 of protection.

But, chances are, like most people, they will live that long life and their need for long-term care won’t occur until their 80s. Because the policy they purchased has a built-in 5 percent compound growth factor, their coverage grows in value and is worth $457,957 for a claim beginning at age 85.

It’s easy to put off planning. It’s easier to put it off and blame a failure to act on the economy. All that works except for one fact. You aren’t getting younger. You aren’t likely to be in better health tomorrow than you are today (in fact quite the opposite is true). And, since long-term care insurance costs increase each year you wait to apply, the same protection next year will cost you between four and eight percent more.

Speaking with a knowledgeable long-term care insurance professional costs you nothing. They should be willing to answer your questions without any obligation. In fact, most are happy to do so over the phone and we maintain the nation’s largest listing of professionals on our Website. Take the time to start by getting the information you need today to protect your future tomorrow.

To find a comprehensive online directory of over 3,000 insurance professionals who can assist with your long-term care insurance needs or to request a quote from a professional in your state, visit the Consumer Information Center of the American Association for Long-Term care Insurance.

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Long-Term Care Insurance Protection For 20 a Week

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Long-Term Care Insurance Deal

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