Long term care insurance is designed to help reduce the cost of care–or even eliminate it–for people that might require senior care later on in life.
One of the interesting things about long term care insurance is that the earlier you purchase it, the cheaper the premiums are. Someone who buys a policy at age 30 is likely to spend a lot in their yearly premiums than someone who purchases that same policy at age 60. You will be paying it for longer, but even over the course of 30 extra years, you are likely to pay less.
The real answer to this question will be determined by your personal situation. There are two big questions that can help guide your decision:
- Can you afford the premiums at an earlier age?
- Is it giving you peace of mind or weighing you down?
There are different types of long term care insurance. If you are planning on looking for a policy, there are a lot of choices out there. It’s important to select a policy type that works best for you and your anticipated needs. Even if purchased early on in life, knowing that you have the right policy and that it is the kind most likely to meet your future needs can be a big relief. Having a policy that no longer meshes with your needs or lifestyle is going to be a burden. If your policy can give you flexibility as you age and is easily affordable for your family, it might not ever be too early to get connected to a policy.
Long term care insurance can be helpful for some, but maybe not for everyone. Like every other form of insurance, it is only helpful if you actually use it. Otherwise it can feel like a sunk cost. However, statistics do point to the likelihood that this type of insurance will be used in the future is growing thanks to things like longer lifespans. Some people don’t mind paying for it even if they don’t use it because of the peace of mind that it brings. Some people can’t afford to pay for something that they only might use in the future.
Like I have said before: each situation is different. What works best for one person isn’t necessarily going to work well for everyone. Long term care insurance might be perfect for your neighbor, but that doesn’t mean that it’s the right move for you. Please speak with a professional that understands you and your family’s situation prior to making any sort of commitment regarding an insurance policy.
And if you have questions about how senior care can help you, we’re happy to help on our end. Senior care is what we do. Our trained professionals would be happy to help you by answering your questions and helping point you toward the resources that are most likely to help you out.
If you have questions or you’re not sure where to start, please get in touch with one of our care professionals today to schedule your conversation.
Leave a Reply