Long-term care becomes a reality for many people after the age of 70. Many people need to look into assisted-care living facilities at this time because they can no longer make do on their own. The problem with long-term care is that it is not affordable for everyone. This is why you need insurance.
Insurance is essential for most people who need to live in assisted care facilities. It would help if you made an effort to find a reliable long-term care insurance company. Boca Raton has many options for long-term care insurance companies that you could consider for consultation. Let’s take a look at when we should start getting concerned about long-term care insurance.
The Perfect Age
According to the American Association for Long Term Care Insurance, you should buy the policy when you are halfway through your fifties. Now, this may seem too early for most people, and it just might be. However, keep in mind that insurance for seniors is not an easy matter to take care of. More than 20% of seniors in their 60s are rejected by insurance companies when they have real health concerns. However, 15% of people are denied insurance in their fifties. Therefore, it is wiser to invest in your 50s if you do not want to get rejected.
We recommend that you opt for insurance coverage in your 60s. This may still seem early for many people, and statistics show that many people do not pay heed to this even after consultation and assistance. Therefore, many people only look into the matter of insurance once their health begins to decline or after they have crossed the 70-year mark. In both of these cases, the chances of being declined are very high. Even if you do get accepted, since you do not have any real health concerns at that moment, it is possible that they will charge you a large premium.
To get further clarity on the matter, you can try getting long-term care insurance help in Boca Raton since many consultants are happy to help in these matters. The chances are that they will ask you to get the insurance as quickly as possible as well.
What Happens if You Wait Too Long?
Remember that if you believe you will need long-term care insurance to support you in the future, you should buy it before the need actually arises. If you continue waiting to get the insurance past the age of 65, not only will there be a higher chance of being rejected, you might have to pay more money for the premium even if you are accepted.
Other than that, after the age of 60, an individual’s health weakens considerably. The problem in this situation is that the need for insurance may become very real very soon. When the insurance company does a background check on you and finds that you have a pre-existing health condition by that age, you might have to pay for long-term care out of your own pocket, which is not easy for most people.
The rates for insurance only get higher as you age. If you buy the insurance in your 50s, you will be paying much less for it than you will in your 60s. It may seem like a lot of money in the long term, but it is easier to pay a small amount over a long time period than a larger amount over a shorter time period.
Can We Self-Insure?
Self-insurance may sound like a good idea at first. What if you could pool all the money you will be spending on insurance and spend it at once when you need it? It is roughly the same amount anyway. And there is a chance that you will not need the insurance at all.
However, you need to keep in mind that the need for these expenses arises suddenly. Since you will not be setting aside a specific amount in terms of insurance for your health, you might not have enough money saved up when the time arises. Besides, you never know how much money you will need.
With long-term care insurance, you can also buy inflation insurance which can freeze your premium and prevent you from paying the rising cost.
However, if you are very wealthy and can liquidate assets immediately to cover medical costs, self-insurance might be a good idea.
Conclusion
Comparing different insurance companies and their offered plans before buying one is always a good thing. But of course, it can be a hectic job finding yourself the perfect plan that will take care of all your future needs. Consulting All Vest Associates is your best bet at finding the perfect match. Call today @(561) 272-0720!