Review Your Long-term Care Insurance Planning this November

The U.S. Congress urges the people of the United States to review their long-term care insurance needs and plan for the potential risks and costs associated with long-term care. November is usually the time that people are reviewing their health insurance plans during open enrollment. It is also “Long-Term Care Awareness Month” and the ideal time to focus on long-term care planning, especially while you have time with your family around the Thanksgiving holidays.

Most consumers know to protect themselves from common risks like car accidents and house fires, but the need for long-term care insurance should be an essential part of your overall financial plan. Planning for long-term care, especially in a post-Affordable Care Act world, is as crucial as planning for retirement. You can never plan too early—for retirement and for long-term care.

3 Reasons to Include Long-Term Care in your Financial Plan

Here are 3 reasons to look into long-term care insurance planning now rather than later:

  1. The younger you are, the better the savings. Similar to locking in a good life insurance rate, your good health today can help you earn preferred discounts on your long-term care insurance, and those rates won’t change even if your health does.
  2. If you have a health condition, such as diabetes for example, it’s especially important to plan and get the best rates before your condition changes.
  3. Government care programs are not designed to pay for all your long-term care needs. Medicare only pays for skilled care, and Medicaid only covers the very poor. The costs of your care could mean some significantly painful decisions on the part of your family if they have to sell off your assets or dip into their own pockets to pay for your care.

Long-term care insurance premiums are based on your age at the time of application and with certain plans, rates increase every year. Waiting too long means you may find that your long-term care insurance options are simply too expensive.

Think About This: Most LTC Insurance Specialists Choose their Path out of Personal Experience

Long-term care (LTC) insurance specialists choose their path out of personal experience; because they want to help spare others the financial, psychological, and emotional pain they experienced first-hand. When someone is forced to become a caregiver for a family member who needs long-term care, the burden can be extensive. Hiring reliable caregivers can be costly and when your family can’t afford them, someone must stay home. In some cases, that means leaving their job and the loss of income in addition to stressful everyday decision-making. The struggle to make ends meet, combined with the physical and emotional burden of caring for someone else in various stages of dementia and other age-related diseases can be overwhelming.

It’s the rare individual that imagines becoming an insurance agent specializing in long-term care insurance. People usually come to this profession because they have seen the damage that occurs within a family when long-term care needs are not met with sound planning and insurance protection.

Contact us today at (601) 992-4444 for more information about buying long term care insurance, or request a quote online and we’ll be in touch.