What will it cost you if you put off getting your long term care insurance till you get older? More money paid as premium or, worse, still, pain and loss of your life’s savings if you develop a health condition that makes you unacceptable to insurers. Take a deeper look here…
If you wait till you really need long term care insurance, you would have waited too long. It will be too late for you to get coverage. You’ll then have to depend on medicaid with all the pain associated with it, depend on your family to bear your cost or pay for it out of your own pocket.
It now costs anywhere between $50 and $200 per day for home care and close to $100,000 to stay in a nursing home. Compare this to paying long term care insurance premiums of $4,000 annually. Isn’t the difference huge?
If you’re lucky and are still able to get long term care insurance at an older age, you’ll increase the total amount you’ll pay in premium…
For a given long term care insurance plan, a given profile pays under $2,200 annually if they got their long term care insurance at age 55. If they pay till they’re 80 years that will be around $55,000. However, if this same person waits till he/she is 60 (and is lucky no health condition sets in), annual premium will now average around $4,400. If like the first case such a person pays till age 80, total premium paid will be $88,000.
The difference for waiting for 5 years is $33,000! So do yourself a favor — Don’t wait any longer. Get your long term care insurance today.
You can save much by visiting these insurance quotes sites…
InsureMe Long Term Care Insurance Quotes
Chimezirim Odimba writes on long term care insurance.
Tags: long term care insurance
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