Baby Boomers and Long Term Care Insurance: Some important tips

Some recent developments in Long Term Care Insurance have left some of the so-called “baby boomer” generation concerned.  There have been rumors of rate increases and premium increases as well as fear that the insurance simply won’t be there when they need it.  But, these concerns, while valid and troubling, do not overshadow the fact that Long Term Care Insurance remains the best option for securing a peaceful and worry-free retirement for the vast majority of Americans.  Long Term Care Insurance is insurance that can make sure you are able to live out your years in dignity, with the care you choose, while not becoming a burden on your children or relatives.

Everyone should consider whether a Long Term Care Insurance policy is right for them.  The statistical data suggests that  as many as 2/3 of Americans will need some form of long term care when they pass age 65.  Experts believe that some subset populations are in the “must-have” category for Long Term Care Insurance, including women, singles and seniors whose children are not nearby.  Naturally, many baby boomers fall into these categories.  But, depending on when you choose to buy Long Term Care Insurance, there are some considerations to make.  The best advice is to buy early, for example, in your 50s and not wait until you are near retirement age, when premiums can be unaffordable.

For baby boomers, some things to consider include:

• Type and level of coverage: Long Term Care Insurance policies can be somewhat complicated with many options. Depending on your particular risk group (history of disease, family situation, etc.), you might want more or less coverage.  Also, would you prefer assisted living or nursing home versus in-home care, which can more expensive?  These choices affect premium rates.
• Keep premiums affordable: Adding waiting periods and higher deductibles can help keep costs lower.  But, keep in mind, even though the costs of premiums may seem high, long term care is expensive.  So, weigh your premium amounts against standard going rates for things like nursing home stays and in-home care costs. In-home care or home health care is usually the most desired form of care as this includes both health care and assistance with things like cooking and cleaning.  Long Term Care Insurance can cover this type of care.
• Go with the pros: Confine your choice of insurer to well-known, reputable companies like the ones who work with LTC Tree.
There are many other considerations to make when preparing for retirement and choice of Long Term Care Insurance policies.  But, the first step is to recognize how important planning for long term care is to your future.  For boomers, doing nothing is really not an option when it comes to the piece of mind a Long Term Care Insurance policy can bring to you and your family.  You’ve worked hard your whole life to prepare for a peaceful retirement.  Smart planning can insure that this last chapter in your life is lived with dignity and in the manner you choose.

Need help in navigating the myriad of choices regarding Long Term Care Insurance plans?  LTC Tree can help you find a plan that is right for you.  If you’d like to learn more about our affordable Long Term Care Insurance policies, simply fill in this form.  Thanks for reading today’s blog.  We really appreciate it.

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