When to Buy Long Term Care Insurance
This week, I’d like to share a story about my family. My grandma lived a healthy life: she exercised, ate well, and had a great attitude. We like to joke that she walked faster than all seven of her grandchildren!
In her 80s, however, she started showing signs of dementia. She was able to stay in her own house for four years. However, eventually she needed more care than staying at home could provide. Because of the 24/7 care she needed, she moved into a long term care facility. During the two years there, we had to hire a nurse to give her the care she needed.
Our family struggled with the cost of that care. Although my grandma was financially stable at the beginning of her illness, her assets and savings were quickly used up.
What is long term care insurance?
As a financial planner, I knew long term care insurance would be the best option. It provides a monthly income to ensure that you or your loved ones are taken care of during times of need.
When should you get long term care insurance?
The best time to get long term care insurance is when you’re young and healthy. If you’re in your 50s or 60s, you should get it right away. The longer you wait, the harder it is to get coverage. Premiums skyrocket.
A very important note to keep in mind: Most Long Term Care Insurance providers are taking their stand-alone policy off the market by end of June, 2018. Talk with Taayla NOW, or get in touch with your advisor, to get the best long term care protection in place.
It is easy to go through your savings during illness or retirement. If that’s a concern, ask us about long term care.
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