An article by Deborah L. Shelton, Tribune Newspapers (link here) describes how “many seniors lack plans and risk seeing their golden years tarnished”. Statistics show that less than 4% of retirees purchase Long Term Care Insurance while the same statistics indicate 70% of those 65 years of age and older will need some form of Long Term Care.
So why is this type of insurance so often overlooked and not incorporated into sound financial planning? The #1 reason is most likely the failure to recognize the need while young enough, and healthy enough to qualify for the insurance. Many people in their 70s recognize they have a need for the insurance, but sadly, they have developed health issues that keep them from qualifying OR they are shocked at the premium for the policy.
What’s the solution? As Ms. Shelton points out in this article, “the experts agree that the best time to plan for long-term care is when it’s not yet needed. Some say consumers should start thinking about it in their 40s”. It is strongly recommend that before a consumer reaches age 60 they should begin to get quotes from reputable companies and explore the options available to them. Age and the onset of health issues drive up the price of these policies exponentially so consider long-term care before it’s priced out of reach.
One of Westgate-Jones Insurance Agency’s insurance agents, Ray Lewis, will be having a seminar on February 9th at The Grand Oaks in Lady Lake, Florida where he will be reviewing Long-Term Care policies and various options available to address this need.
Contact Westgate-Jones Insurance Agency today, at 352-787-7548, if you have any questions!
*Shelton, Deborah. “Long-Term Care: Think about it while your young, experts say”. Chicago Tribune. 01 December 2011. <http://articles.chicagotribune.com/2011-12-01/news/ct-met-long-term-care-20111201_1_long-term-care-reform-community-living-assistance-services-health-reform-plan>.