Who Should Buy Long Term Care Insurance?

Getting insured with long term care usually comes with a high price tag. Therefore, it’s just normal to ask who should purchase this policy.

About 70% of people aging 65 and above is estimated to require long term care services. Meanwhile, about 40% of people between the ages of 18-64 years old might also require this type of care. Given these figures, it’s safe to say that the majority of us should buy long term care insurance.

Financial Strength

Those who are financially capable should consider long term care insurance. If you have a steady stream of income at a moderate level, then you can consider yourself as such. Income may come from your employment or from your retirement.

Your wealth and assets is a fruit of your hard work, therefore, it’s given that you will intend to protect them. Long term care insurance can do exactly that. Should time come that you need to avail of long term care services, you can be sure that your nest will not be affected of this expense. Thanks to this insurance policy.

If you have a steady source of income, start planning now on how you can pay for long term care premiums. You may consult a financial advisor on how you can allot an expense for long term care insurance with how much you earn. Premiums may cost high, but purchasing is very feasible, especially if you are earning a reasonable income.

The rich and wealthy can self-insure and may decide against applying for this policy. On the other hand, the vastness of your wealth can shrink anytime. Furthermore, paying outright for long term care services can decrease your wealth considerably. Long term care insurance can still work for you as it can act as a safety net for your assets.

Health Condition

If your health is still at its prime, then you’re a great candidate to be a holder of a long term care policy. Buying while you’re still healthy may entitle you to up to 10% discount off your premiums.

Some policies may not cover for pre-existing conditions. If you already have underlying conditions prior to application, don’t fret. Some policies still cover care for this area; however, there can be a waiting period before benefits will start to kick in.

Women

Women are expected to live 5 years longer than men. Given their life expectancy, they require long term care more. 60% of policy holders are women and 70-80% of claims are paid to them. Not lonely do women have a higher life span; they also have a greater need to be covered when it comes to long term care.

Furthermore, women are generally caregivers. When time comes that they are the one to be cared for, there is a chance that no one can look after them, and thus, they have to pay for care. They can cover that expense through long term care insurance.

The person who should buy long term care insurance should be the one who has a high chance of needing it, and that would be the majority. That’s why it pays to start early on this policy and be committed when it comes to paying premiums.