|
Long term care insurance policies should not be expensive if only people who are at risk of long term care (LTC) would buy early. Unfortunately, instead of looking up a possible coverage many prefer to convince themselves that when the time comes they would require care they don’t need to ask how much does long term care insurance cost because they’ll probably be earning a monthly salary of five figures. It’s nice to be confident and aspire for a higher paycheck but being overly certain that you can afford tomorrow’s cost of care spells a big DANGER. Firstly, nobody can ever be 100% sure of his future. He can only guess or plan it but he can never be very sure of what may happen to him because it has yet to happen in his life. Long term care (LTC) is one of those difficult things to plan but every individual is left with no other choice but to anticipate his future health care needs because the cost of care increases by the year. Today’s nursing home that charges $77,500 annually will cost $310,000 yearly beginning 2030. Nobody’s retirement money or assets will be enough for tomorrow’s cost of care unless these exceed $2,000,000. Not even one’s house is counted as a good source for LTC funding because the housing market continues to take a downswing and it is not expected to recover in the next 10 years. Instead of planning how to self-insure, everybody should focus on investing into a practical LTC plan to avoid the risk of draining his assets to the high cost of care. How Much Does Long Term Care Insurance Cost? The price of each long term care insurance (LTCI) policy depends on the age, health condition, preferred LTC setting, and budget of a specific individual. Some policies cost below $500 a year in premium because these are owned by young and healthy individuals who are not expecting to receive care in the next 40 years. Meanwhile, the premiums of other policies can range from $2,000 to $7,000 a year because of two main reasons : The people that own these policies are 70 years old or older and have pre-existing conditions or these people purchased their policies not so long ago because they are anticipating care in the next 10 years. It is not difficult to fit the price tag of an LTCI policy into your budget if you would consider buying it while you are young, very healthy, and earning a stable income. You can even beat inflation by integrating a 5% annual compound inflation protection rider into your policy as this will increase your initial maximum benefit amount in just a matter of 14 years. Those who buy their policies at the age of 70 can only settle for simple inflation protection because if he goes for the 5% annual compound inflation protection his premium will shoot up. To protect yourself and your family from the frustrating figures of LTC services, there is no better time to ask how much does long term care insurance cost than today. Get in touch with a licensed LTCI agent and ask about your options.
Related Articles -
how, much, does, long, term, care, insurance, cost,
| 
