What could be messier and more complicated than the Exchange? Long-term care (LTC) planning! According to LifeHealthPro, most Americans still have some kind of public or private health insurance. However, few have any kind of protection against LTC costs.
So, why do you need LTC insurance? Well, it will protect your against risks such as car accident or house fire which can protect your savings/retirement.
A campaign by the American Council for Life Insurance states the average cost for a one-year stay in a private nursing home is now $84,000, and by 2030 it will rise 27%. It is important to not only plan for retirement, but for long-term care as well.
Here are some reasons you should prep sooner rather than later:
• If you wait, it will cost more
Your age and your health are important factors that determine the cost of LTC insurance protection. Costs are based on you r age at application and go up each year. By waiting to purchase until you are closer to retirement you might find it’s just too expensive to buy.
• Lock in good health special savings now!
Your good health today can help you ‘lock in’ preferred health discounts that won’t change even if your health does. If you currently have a health condition it’s especially important to find out if you can health-qualify before it may get worse.
• Discounts can help significantly reduce the cost
You will be surprised by how affordable long-term care insurance protection can be for some of the newer plans suited for people your age. Today, there are ways to reduce the cost of long-term care insurance; savings available when you plan ahead.
Jeffrey R. Ungvary