Deciding on long term care insurance is a big decision. In order to make it, you’ll need to arm yourself with some information on the risks and costs of long term care, the advantages and disadvantages of having it as well as a host of other factors like what stage of life you are at. Generally speaking, people tend not to purchase it until their late 50s or early 60s. However, it can save you a great deal of money by purchasing earlier in life. That seems counter-intuitive because buying earlier means paying premiums for many more years. However, the savings of lower premiums for early purchase and more likely access to good health discounts can lead to large savings in the long run.
There are also a host of different options becoming available on the market that make it easier to access long-term benefits without directing funds into a single, use-it-or-lose-it policy. Combination policies that provide benefits for long-term care, as well as life, disability and critical illness are now much more readily available and in many cases sensible. Many of these policies are also much easier to obtain and are much cheaper at younger ages so it makes sense to at least explore getting benefits sooner rather than later. Plus you have the protection during your younger years in case anything were to happen. In some cases integrating the need for long-term care into retirement planning can yield interesting and creative solutions that can save significantly on buying separate policies to address all the different risks individually.
Should you decide that you need long term care insurance, you can call the major insurance companies, ask about the special features on their particular policies, get rates and compare them all. Or you can call me (or another skilled broker who works with all the large and small carriers) and I’ll do all that for you, help you determine which features are most appropriate for your specific situation and then compare the policies available through various companies. With me as your guide, you’ll save hours of time, understand what you are getting, and be able to make use of discounts available of up to 50%. And you pay nothing extra in premiums by going through a broker.