Long Term Care
A solid financial plan should account for out-of-pocket healthcare expenses, including the cost of Long Term Care (LTC). Unplanned Long Term Care expenses can derail even the best laid plans. Long Term Care insurance (LTCi) may be a cost-effective method of paying for the costs of Long Term Care.
While it may be possible for you to pay for Long Term Care costs out-of-pocket, stop to consider whether or not that would be the best way to allocate your resources.
Long Term Care insurance may be a vital part of keeping your plan securely on track.
Consider the following facts about Long Term Care:
- 57 is the most common age to buy LTCi
- More than half of all new LTC plans are for people aged 55-64
- 26.5% of new LTC plans are for those under 54
- Being young and healthy can qualify you for good health discounts on your premium
- Changes in your health can make it impossible to obtain coverage later. 33% of those aged 60-69 were disqualified on the basis of health.