The cost to buy a plan with certain coverage is higher for each year of age. For example it might be:
> 33% higher if you wait to 55 vs buying at 50!
> 60% higher at age 60 vs buying at 55!
> If you are 45 and say — I'll wait to age 55 — you would than have to buy an initial benefit pool of over $400,000 and pay 10 year older cost vs buying a plan with a $250,000 initial pool at 45 and paying 10 year younger cost.
> How does that work? Buying a $250,000 plan with the 5% compound inflation option means it increases each year over 10 years to about $400,000.
The American Association Long Term Care Insurance (AALTCI) found:
˃ Just 53.9% of people between 40 and 49 qualified for a health discount.
˃ Between 50 to 59 just 44.2% did.
˃ From 50 to 59 - 31.9% did. From 60 to 69 it was just 18.8%.
● AALTCI found: ˃ Up to 33% of individuals 60 to 69 had health problems and were not able to qualify.
● A study of 10 leading long term care insurance companies found:
˃ 13.9% of individuals 50 to 59 did not qualify.
● Individuals in this two minute Life Happens video share their insights Bottom line - it's a confirmation that buying early is important.
I'm often asked about the high cost of this special insurance and answer it by saying — Yes & No!
● Yes it is — because the cost to hire assistance professionals in CT is next to the highest in the U.S. Thus, the cost to create an insurance plan to cover these big expenses result in plans being expensive!
● No — what you pay for this special insurance, even over a long time, means you have spent pennies compared to the amount of income & savings you would have to use to pay for help yourself.
We can talk about your situation & interest and how the parts (options) of a Long Term Care insurance plan, which meet your budget, will work for you.
I'll get back to you if not available.
You can also send a note about Long Term "Health" insurance to - Learn@JohnCParker.agency
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