Long Term Care , When should I be thinking about it?

It is never too early to start thinking about long term care. All of us are susceptible, none of us immune to the unpredictable. Life goes by , at a fast pace, it is easy to compartamentalize these issues and concerns into our "denial" portion of our brain. Who really wants to think about being debilitated and needing long term care? I dont.

But, as with everything in life, preparation is 99% of the battle. We think about retirement, we put aside money in our 401K's, retirement accounts, and even "under the mattress". But, what makes the most sense?

Studies have shown that Americans rank long term care second, behind saving for retirement, when prioritizing financial needs.

Let's define Long Term Care: According to the following web site
http://www.rmminc.net/

Long term care includes a range of nursing, social, and rehabilitative services for people who need ongoing assistance. Most people in long term care facilities are older, but many young people need long term care during an extended illness or after an accident.Assistance with routine personal needs such as bathing, dressing, eating, toileting, and taking medicine is the most common long term care service. Long term care facilities also provide skilled nursing and rehabilitative care, which is ordered by a physician and supervised by skilled medical personnel such as a nurse or licensed therapist.

In a recent article by Mary Saunders, she gives the following tips to people thinking about long term care insurance:


1. Talk to your financial planner or insurance agent about whether long term care insurance makes sense for you.
2. Ask your financial advisor to recommend a company and a policy.
3. Check with insurance rating services to make sure the insurance company you are considering is financially secure.
4. Call your state insurance department (In NY for example, http://www.ins.state.ny.us/cseniors.htm and ask about the company and its record in your state.
5. Make sure your insurance agent is licensed to sell long term care insurance in your state.
6. Review all the details and options of the policy. Do not rely just on the marketing materials or outline of coverage.
7. Make sure you understand all the provisions before you purchase any policy.
8. Ask your insurance agent questions. Seek guidance from the state insurance commission office, the Area Agency on Aging, or local senior centers. Discuss policies with friends, family, and others whose opinions you respect. Take time when choosing a policy, and don't allow yourself to be pressured into making quick decisions. And remember: Never pay cash.


When Is the Best Time To Buy Long Term Care Insurance?

Because long term care insurance premiums are based on age at the time of purchase, the younger you are when you purchase a policy, the less expensive the annual premium. These premiums for most policies stay level each year as you age. If you buy at age 55 a policy that cost $800 per year, you will continue to pay the same premium. However, if you wait until you are 65, the same policy will cost you $1,700 per year.