Should You Buy Long Term Care Insurance Before You Retire? Ep #8
Have you or a family member had to use long term care insurance before? Are you considering acquiring long term care insurance as part of your retirement strategy? Whether you’ve just started looking at long term care or you’ve never heard of it before, this episode is for you!
No one likes the idea of spending the final years of their life in a facility cared for by strangers. What if there was a way to financially plan so you don’t have to worry about leaving the comfort of your own home to receive the care you need? Don’t leave it all up to guesswork and half-answers - get the details you need to make informed and educated decisions for you and your family by listening to this informative episode!
You will want to hear this episode if you are interested in...
What is long term care? [1:30]
The different ways to receive long term care. [6:30]
Why people like the life insurance and long term care combination. [11:00]
How much long term care coverage do you need? [13:15]
When is the best time to purchase a long term care policy & how much is it? [17:00]
Action steps you can take [20:30]
What is long term care?
Imagine the peace of mind that full auto or home insurance gives you - wouldn’t it be great if you had that same sense of security when it comes to your long term care needs? Many people have never even heard of long term care insurance - what is it?
“Long term care” refers to the help that people with chronic illnesses, disabilities, or other conditions need on a daily basis over an extended period of time. The type of help needed can range from assistance with simple activities (such as bathing, dressing, and eating) to skilled care that's provided by nurses, therapists, or other professionals.
52% of people turning 65 today will need long-term care at some point. Purchasing long-term care insurance can help you have peace of mind.
Have you factored in government programs that will help you during retirement age for these sort of services? Don’t make the mistake of believing Medicare will cover long-term care costs. It doesn’t. And while Medicaid—the government program designed for people who truly don’t have any money—will cover long-term care expenses, it should never be your first choice.
When should I buy Long Term Care Insurance?
Should you buy long term care insurance early to lock in a low monthly premium? Is it a wise investment to start early or is it better to wait? Based on my research, the best time to buy long term care insurance is between 60 and 65 years of age because the likelihood of you filing a claim before that age is slim. Statistically, 89% of long term care claims are filed for people over age 70.6. Make sure to catch more helpful details about long term care and some helpful action steps you can take by listening to this episode!