"Medicare will cover my long term care needs."
Close to 100 million Baby Boomers (born between 1946 and 1964) are
nearing retirement age. As these "boomers" enter
the system, Medicare and other government entitlement programs
will be stressed to the breaking point. In addition,
Medicare poses limits based on income and assets. And
Medicare and Medicaid pay almost nothing toward custodial care
which accounts for 95% of Long Term Care claims.
"I'm too young to worry about purchasing long term care
insurance."
Most people recognize the need
for Long Term Care Insurance, but feel that they can wait until
they are closer to retirement age to acquire it. Putting off
the decision poses risks you may not recognize:
~Premiums increase with age. Purchasing a policy at a
younger age results in lower premiums.
~Substantial out-of-pocket expenses can be incurred if you
suddenly become ill and need Long Term Care without coverage.
~Becoming uninsurable due to an unforeseen change in personal
health. One never knows when a health problem may arise
which could result in a condition that would result in a person
being uninsurable.
"I purchased a policy years ago. I don't have to worry
about it."
Plans have changed over the
last several years. It's worth taking some time to review
the newer, more inclusive policies offered today to see how they
compare to a previously purchased policy.
