If you want a good life in your senior years, you may want to get long term care insurance. If this is the first time you encounter this type of insurance, you may ask “what is long term care insurance?” You may also ask “when to buy long term care insurance?”
When you have long term care insurance, you pay to a policy’s premiums. In return, you get coverage for various long term care services like caregiver assistance and stay in nursing homes. You can guarantee that your money goes to long term care expenses. With long term care insurance, you spend less compared to uninsured people who pay for long term care from their finances.
There are times in your life that provide good opportunities for buying a long term care insurance policy. Here are the right instances when to buy long term care insurance:
There are various reasons why it is better to get long term care insurance at a younger age. Most people point out that you have fewer chances to be denied of long term care eligibility when you apply at age 40 – especially when you are healthy.
Also, you get discounts with paying for long term care policies. You can have a discount rate as high as 60% when you buy long term care insurance at age 40. Using common sense, you may realize that you accumulate extra insurance money when you enroll at a younger age.
Get a long term care insurance policy when you have the symptoms, not when you are really sick. Insurance companies tend to reject your application for insurance if you are already sick. Apply at once during the onset of symptoms so these insurance companies may still accept you.
A routine check-up with your physician is helpful. You may also want to learn self-examination for different parts of your body. As an alternative, you can also check your family’s medical background. You can expect chronic illnesses and buy long term care insurance before you contract serious health complications.
Do not wait for retirement to get a policy. In fact, consider this as a plan for your retirement. Many companies and business firms offer long term care insurance to their employees. You can even save money from employer’s insurance as compared to insurance from private companies. Get insured while you still have a salary to pay for premiums.
The present economy can be unpredictable. Stock values may fluctuate, and commodities may become more expensive. The next thing you know is that you face financial instability and cannot afford policy premiums and long term care services.
If you have a steady income and good budgeting at present, then now is the time to get a long term care insurance policy. Long term care gets costlier as years pass – not to mention that it is affected by inflation. Buy a policy while you and your family have the purchasing power to do so.
When you check out policies, do not forget to compare prices and inspect coverage and benefits. For more tips on the best time to buy long term care insurance, you may consult financial planners, doctors, and insurance experts. You can also get help from information websites or blogs on the Internet.