There are some things that you can put off and wait a few years before you decide. Purchasing and paying for long-term care insurance is not one of those decisions. Just like estate planning, long-term care insurance is one of those things that you need to focus on as soon as possible – because waiting too long could put you in quite the predicament. Regardless of your health, if you do not have long-term care insurance, now is the time to see about investing in it so that you can protect yourself.
Five Reasons Why You Should Consider Long-Term Care Insurance
If you have not looked into long-term care insurance or you have been waiting to purchase it, here are five reasons to get on your long-term care needs now rather than later:
- Your premiums will be lower the earlier you enter. Just like health insurance and life insurance, long-term care insurance premiums are cheaper when you enroll earlier than later. You will also find that you have higher payouts with your insurance when you purchase earlier in life than later. When you calculate the total amount of premiums you pay in a lifetime, it will be significantly lower when you invest earlier than later – regardless of whether you pay for more years. That is because your premium is significantly lower.
- You can protect your quality of life. If nothing else, your quality of life should be a main reason to consider long-term care insurance. You can protect your assets, personal savings, and give yourself options for care later when you have long-term care insurance. This insurance will let you decide when and where you receive care, and give you access to the appropriate level of care – and having that freedom is important.
- You can stay in your own home longer. Long-term care insurance also allows you to stay in your home longer and avoid being moved to a nursing home or assisted living facility. When you purchase a comprehensive plan, you will have the option of staying at home for as long as it is safe.
- Once you have been diagnosed, you could be denied coverage. Just like health insurance, pre-existing conditions and diagnoses can lead to a denial of coverage. Long-term health insurers can deny you even for minor conditions, and if you find an insurer willing to cover you, they will charge you an excessive premium.
- Staying with family without burdening them. One of the biggest benefits to long-term care insurance is how it allows you to be with your family without burdening them. You could live with your children, stay social, and be present for family events without financially or medically depending on them for your survival.
Speak with an Attorney Regarding Your Elder Needs
Long-term care insurance is part of a well-rounded elder care plan. Even if you are in perfect health today, you need to plan for the future. Contact the Law Offices of Andrew M. Lamkin P.C. to explore your options and get started on an estate plan today. He can help you with everything from Medicare planning to healthcare proxies and more. Schedule your consultation now at 516-605-0625 or fill out our online contact form with your legal questions.