The plan for Long Term Care (LTC) should deliver sensitivity, suitability and structure to its recipeints as this area of THE IDEAL FINANCIAL PLAN is quite delicate.
In 1994, 7.3 million Americans needed LTC services at an average cost of nearly $43,800 per year. By 2000, this number rose to 9 million Americans at nearly $55,750 per year. It's currently near $75,000 per year. By 2030 those needing LTC will skyrocket to 23+ million Americans, with projected, individual long term care costs reaching $300,000 annually per individual!
With a history of millions of Americans in care situations living with longevity, elder frailty, stroke, Multiple Sclerosis, Parkinson's, Alzheimer's, Spinal Cord Injury, Cerebral Palsy, accidents and other conditions that affect 50+% of folks over age 65 , we can testify to the need for mature thinking and adult decisions when it comes to long term care planning. According to insurance actuarials, you are more at risk if you:
- have a family history of Alzheimer's, stroke, arthritis, or other degenerative diseases.
Also, physical activities that can cause severe accidents should be included as a definite risk. By providing long term care protection, you will rest easier and your loved ones will be grateful to you for wisely planning ahead. We can help you do that.
A good plan is better if started EARLY
(depending on age, goals, and authoritative regulations).
When Should YOU Buy Long Term Care Insurance?
The sooner the better! LTC insurance premiums go up in price as you get older, although once you buy a policy your premiums do not rise due to aging or health. For years, financial planners were telling their clients to wait until age 65, but this is no longer considered sound advice. The Federal and State Partnership Programs encourage people to buy as early as age 40, mostly to increase the financial security of the programs, but also to ensure that people do not become a burden on Welfare/Medicaid if they get sick or injured at an early age and need long term care.