Long Term Care Plans: The Earlier, the Better

When you think of long term care, you would think that this would apply to elderly people only.  But the truth is anyone may need long term care at any given moment in their lives.  Anyone from the age of 18 to 64 may require long term care.  That’s why when it comes to long term care plans, it’s always important to plan early.  The more you delay in deciding for long term care, the more inconvenient it would be in the future.  It is better that you prepare early for this type of care so that you would not worry so much in the future.

Lower premiums are offered for those who start early – if you start out early on a LTCI policy, you would have lower premiums than those starting in their 60’s.  The reason behind this is that insurance carriers are aware that planholders who started out early would not need to use their policies yet.  Unlike older policyholders who started later in their life, their premiums are too high and most would not be able to afford these when they retire.  Some carriers would even offer discounts to the younger policy holders to get them to sign up.

Start while you still have resources – When it comes to long term care plans, it’s also best to start when you still have the resources available.  For people who would retire and receiving their retirement pay, let’s say about $500,000 would not be enough to cover the expenses for long term care.  As the costs for the different LTC services continues to rise, a person’s savings might be exhausted.  Some who have used up their savings have resorted in selling their homes and other assets in order to keep up with the costs for their long term care needs.

Review your options as early as now – When planning for your long term care needs, it’s also important to review the options available to you.  Do you prefer to receive LTC services in your home or receive it at a nursing facility? Is there anyone in family that may act as an informal caregiver or would you prefer to hire a professional one?  Knowing what your options may affect your costs for your LTC needs. Many people are now reviewing the option of receiving LTC services in their home as they find this less costly and more convenient for them.

For long term care plans, the earlier you start, the better it would be for you.  When you start early on a LTCI policy, you have a higher chance of getting lower premiums.  It also best to sign up for long term care insurance policies while you able to work and have the resources for to pay for your premiums.  It would also be a good idea to review your options as early as now so that you would now so that you can plan the services that you would require for your long term care needs.

 

References:

http://www.mayoclinic.com/health/long-term-care/HA00054

http://www.infolongtermcare.org/

http://www.aaltci.org/

http://www.health.harvard.edu/blog/few-plan-for-long-term-care-though-most-will-need-it-201305066195

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