When Should You Buy Long Term Care Insurance?

If people are not asking who should buy long term care insurance they are constantly wondering when they should buy it. rnThe truth is, anyone can buy a long term care insurance (LTCI) policy as long as he is financially able to maintain this product’s annual premium. Experts in this field encourage everybody younger than 65 to start looking at their policy options because if they wait to retire before doing so they are at risk of paying higher premium rates. rnThe cost of LTCI depends on a person’s age and health. The younger and healthier he is when he makes his purchase, the lower his annual premium. For instance, a 47-year-old individual who buys a comprehensive policy with a maximum daily benefit amount of $200, three-year benefit period, 5% compound inflation protection, and a 90-day elimination period will most likely pay $1,800 annually for his coverage. rnMeanwhile, a 67-year-old who goes for exactly the same type of policy as cited earlier could spend up to $3,864 on his premium. If he happens to show symptoms of a chronic illness such as diabetes, the insurance company can further increase this amount for there’s much likelihood that this person will require care sooner. rnAs a person moves towards retirement he has to consider a financial plan that will support him in case he winds up needing long term care (LTC) as this will cost him a lot of money. rnWho Should Buy Long Term Care Insurance? rnIf you are among those who are weary of the increasing costs of LTC, there is no doubt that you should seriously consider an LTCI policy. This is a kind of insurance product that pays for a wide range of LTC services and thus allowing people absolute freedom to choose where and how to receive care. rnOnly the very rich people, such as those who own companies that operate nationally and internationally or who have million hectares of lands can afford to do away with LTCI for they can obviously pay for care out-of-pocket. rnIf you are among the middle-class Americans with regular eight-hour jobs or small businesses to run, you are the perfect candidate for an LTCI policy. By the way, LTCI should not be confused with the regular health insurance because the latter only provides limited coverage which is often confined to medically necessary care. rnAn LTCI policy provides coverage for custodial care and medical services. In other words, you do not need to acquire a medically diagnosed health condition, though it is most likely to happen, before you can claim the benefits of your LTCI policy. To qualify for benefits, a licensed health care provider has to only issue a certification of your inability to perform two or more of the basic activities of daily living (ADL) which are bathing, dressing, eating, transferring, continence, and toileting. rnSomeday, you may or you may not require LTC but wouldn’t it be nice to have peace of mind should you end up needing it, knowing that you have a financial backup? As a matter of fact, it is not only you who should buy long term care insurance because nobody in the country is completely spared from the cost of care. rnShow your concern and love to family and friends by sharing the benefits of having LTCI coverage.