Buying long term helth care insurance

When to Buy Long Term Health Care Insurance

Long term health care insurance becomes more expensive as you age. While the investment may be less when you are young many pre-retirees simply don't feel the need to invest in another insurance policy. But remember, if you've been reading my articles this really should be called "retirement insurance". The #1 reason couples get wiped out financially is health care costs!

Long-term care insurance premiums are based on your age and the condition of your health when you purchase a policy. Below is an example of premiums - but this is only an example. Many companies offer incentives, spousal discounts, health discounts etc. that are not taken into account in this example.

At best, these are averages and in all likelihood will not apply to your situation. Also, these include a 4-year benefit period at $150 a day. (As a side-note the average long term care need is right around 3 years - and usually less for men. This does not however account for Alzheimer's or brain illness needs.) �

Even with the many flaws this will give you some kind of idea.

4-year benefit period (equal to $219,000; $150 per day X 1,460 days)

$150 per day benefit

Covers all levels of care, including skilled, intermediate and custodial care and homemaker companion services. (When you read "Insider Secrets" you'll learn that some of the bells and whistles inside policies are really more for the insurance company than for you).

Covers all types of care settings; nursing homes; assisted living facilities and home health care. 0-day elimination period (This is rarely if every advised and explained in more detail inside the guide.)

5% Compound Inflation vs. No Inflation protection.

Following are the benefits listed
from above ages 40 to 69.

AGE	ANNUAL PREMIUM
40-49	$1297
50-54	$1587
55-59	$1843
60	$2355
61	$2453
62	$2556
63	$2675
64	$2787
65	$3024
66	$3363
67	$3507
68	$3735
69	$3966

Following are the benefits listed
from above without inflation with an age range of 40 to 80+.

AGE	ANNUAL PREMIUM (no compound inflation)
40-49	$666
50-54	$833
55-59	$972
60	$1316
61	$1371
62	$1425
63	$1496
64	$1575
65	$1860
66	$1955
67	$2045
68	$2200
69	$2355

In conclusion I'd like to suggest you think of long term care insurance this way; retirement income and lifestyle insurance. When you have a retirement income of $50,000 a year or $80,000 a year (or whatever) isn't it worth investing a fraction of that income to make sure you or your spouse don't fall victim to the bankrupting costs of long term care and aging?

The answer is "Yes" and that's exactly why you need to understand LTC insurance. Long term care insurance is probably the most complicated insurance contract you will ever enter into - if you do enter into one. As an ex-agent and former long term care insurance specialist this is exactly why I wrote Insider Secrets; the Ultimate Consumer Buying Guide. I want to help you understand the insurance contract by pointing out hidden language and loopholes.

Long Term Health Care Insurance Secrets

When to Buy Long Term Health Care Insurance