What folks say about the value of Long Term Care insurance

The month of November has been designated Long Term Care Awareness Month for the last several years. It is however important to prepare for needing on-going assistance and buying this special kind of insurance no mater what time of year it may be.

I believe sharing thoughts from other individuals will help consumers in Connecticut better understand what best be called long term health insurance. Comments on the value of Long Term Care insurance are brought out in four short videos on LifeHappens.org.

First – the value to them in being able to receive the kind of assistance they need and want.

Second  – why they did not want to be a burden on others

Third – why it was important to buy early.

Fourth   –  comments  on the peace of mind they gained from Long Term Care insurance.

Many people plan for upcoming events in their lives. Most however, don’t plan for a significant event – not being able to care for themselves!

Even though most don’t make preparations taking steps to plan for the kind of help you would like is important. What to do? The most effective approach is to buy what is best called “Long Term Health insurance”. Taking this action today will not stop health problems from developing but does mean you can gain:

  • A lower cost: Premiums for this important insurance are based on your age the day you enroll, your health situation, and the level of benefits you select. Premiums can be three times higher at age 70 than when you are 50 so buying early is important.
  • More benefits: Waiting to age 55 means you would have to buy an initial benefit pool of over $400,000 to achieve the same protection as someone who bought an initial pool of $250,000 at age 45. How? The 45 year old’s plan included the 5% compound inflation option. Waiting to 55 also means your premium for this initial pool of money will be higher! Why? You are 10 years older. IOW a dollar buys more benefits the younger you are.
  • A good health discount: A study by the American Association for Long Term Care Insurance (AALTCI), a professional association I’m actively involved in, reports 53.9% of people between 40 and 49 qualify for a good health discount. Between 50 to 59 it drops to 44.2% – 60 to 69 it’s 31.9% – 70 to 79 it’s only 18.8%.
  • A better chance of being accepted: Another AALTCI study found up to 33% of individuals 60 to 69 did not qualify for this “protection for your finances” because they had health problems. 13.9% of individuals 50 to 59 were declined in this study of 10 leading long term care insurance companies.

Buying “Long Term Health insurance” also means you won’t become a burden on family having used up income, your nest egg, and becoming poor.

Live in Connecticut? You can learn more about why owning Long Term Care insurance is better than following a plan of “I’ll wait and see”  – www.LongTermCareIns-CT.com

Contact John C Parker<RHU, LTCP if questions – (860) 739-0005