What are the chances?
Auto accident? About 1 in 52. That’s about a 2% chance or 0.02.1
House fire? About 1 in 335. That’s about 1/3 of one percent or 0.003.2
Long term care? About 1 in 1.4. That's about 70%.3
Yup! That's right 70%!
If you have not experienced a long term care event in your family, you have likely heard about someone who did. Not as obvious in our daily lives as a car accident or house fire, the financial impact of paying for long term care can be devastating.
What is your plan to pay for long term care?
Long term care insurance can not only help offset costs and protect your savings. Long term care insurance can offer you more options, independence and privacy than any of the above.
Before you need it. When you are healthy. When it may be cheaper.
Despite our best efforts to stay healthy, we all get older. If you wait until something goes wrong, you may find coverage very expensive or even unavailable.
You don't look for car insurance after the accident. Likewise with long term care, you should not wait until you are older before looking at long term care insurance. Start early. Start looking before you need it.
Keep in mind that insurance companies alone determine insurability and some people may be deemed uninsurable because of health reasons, occupation or lifestyle choices. Guarantees are based on the claims paying ability of the issuing company.
The good news is that Long Term Care policy premiums vary. The bad news is that finding the right policy balancing affordability and coverage is not easy.
Costs and premiums have indeed gone up over the years, but so too have the different kinds of policies. Policies can be designed. You can pick the amount of coverage, the length of coverage and the premium paid. Some policies cover two people, some just one. Some have inflation protection, some do not.
Do not put off seeking long term care quotes. It costs nothing. It may be more affordable than you imagine.
1. Ahrens, Marty. National Fire Protection Association. “Home Structure Fires” Sept 2015. 2. U.S. Department of Transportation National Highway Traffic Safety Administration. “Quick Facts 2014”. March 2016. 3. U.S. Department of Health and Human Services. 2016 June 2014. “Who needs Care?” https://longtermcare.acl.gov/the-basics/who-needs-care.html
email@example.com | (650) 458-0312