November is Long Term Care (LTC) Awareness Month. Are you protected against the greatest risk in retirement?
Here are your chances after reaching age 65 (stats below are % probability from age 65 on)
|Events that do occur||Lifetime possibility for MEN||Lifetime possibility for WOMEN|
|Major House Fire||
|Severe Care Accident||
|Becoming disabled/impaired and in need of long term care services (Based on AARP data)||
*Source – American Association for Long-Term Care Insurance, 2007 LTCI Sourcebook
Long-term care is something you should take into account as part of your complete financial plan.
Not being protected against long-term care can jeopardize your savings and your retirement and is just as important as protecting yourself against risks such as an auto accident or house fire. Similar to retirement, it’s smart to plan ahead for long-term care as well. Here are several key things to know:
- Purchase before age 65 to avoid the elevated cost of waiting.
Two important factors that help determine the cost of long-term care insurance is your age and the condition of your health. Purchasing before retirement age will help keep the cost down when considering that costs are based on your age at the time of the application.
- “Locking” in a discounted rate.
As stated above, long-term care insurance can be purchased before retirement age when most likely, you are in better health. By doing this you are “locking” in that rate which will not change even when your health does.
- Discounts can significantly cut the cost.
There are many plans today that can affordably cover your long-term care needs. Planning ahead is key.
The first step is in your hands. Being proactive and not waiting to take the first step will be the most beneficial part of planning out your long-term care protection needs. Stoneway Financial can help you obtaining the information needed so that you can plan ahead and lock in your lowest possible premium today.