A sad story about Glen Campbell and his life with Alzheimer’s. It is also a wake-up call as to why planning for Long Term Health Care is important and a real risk to all of us.
Affordable Long Term Care Insurance can be an easy way to plan for the physical, emotional and financial burdens Long Term Care can have on loved ones.
Most people start looking to do their planning in their 40’s and 50’s as part of their overall retirement plan. We save money in our 401k’s, 403b’s, IRA’s and SEP’s but unless we plan for the expenses that Long Term Health Care can cause all that saving disappears.
Premiums for Long Term Care Insurance are based on AGE and HEALTH at the time of application. The other factor that goes into premiums are the total amount of benefits that are applied for in your application.
Sometimes people think waiting until they are 60 or 65 makes sense. The answer is no … this is not a smart idea and will, at least, cost you more money. Premiums are based at the age you get the plan in place and premiums are intended to remain level even with an inflation rider attached to the plan. So a 48 year-old rate is much lower than a 65 year-old rate. Even though a 48 year-old may pay more years than the 65 year-old would … the 48 year-old will pay less over the life of the policy.
The other issue is health. As you can guess, you are much more healthy when you are younger. Some conditions could prevent you from getting the lowest rate … it could even prevent you from being able to get a plan in place. It is your good health TODAY that gives you the opportunity to plan.
The best thing to do is LEARN your options. Educate yourself about how plans work and if your state offers a PARTNERSHIP program. Partnership Long Term Care insurance plans provide dollar for dollar asset protection.
A Long Term Care Specialist, like myself, can help educate you on how these plans work, how they get used at the time of claim, and how your health insurance and later Medicare will work. Then, after learning about your health and retirement plans, you can get recommendations based on experience and knowledge. Someone, like myself, can show you options from all the top insurance companies. This gives you something specific to think about. Generally, a typical insurance agent or financial advisor will not have the experience to provide you with qualified recommendations.
You can learn more from the American Association for Long Term Care Insurance (AALTCI). Their website is http://www.aaltci.org/. My website also includes outstanding information so you can start learning about your planning options. My website is www.mccannltc.com.
If you need quotes from all the top insurance companies just go to www.radioltc.com. The bottom line is you should have an affordable plan to address the physical, emotional and financial burdens Long Term Health Care can have on loved ones. You can click here to see the video for www.radioltc.com.
#longtermcare #retirement #401k