Are You a Baby Boomer with No LTCI?
Are you among the small population of baby boomers who have successfully clinched a long term care insurance policy? Well and good but if you belong to the bigger uninsured population, don’t dilly-dally because long term care insurance for baby boomers is the only thing that will protect you and your family from expensive long term care (LTC) costs.
Forget your equity, your stocks and bonds, and other investments that you might have at the moment because if you are expecting to receive care 20 years from now, these things will not come in very handy. Financial planners even say such assets are only enough to cover a year of care.
Multiply the current LTC costs by four and the product that you will get is what anyone who will need LTC beginning 2030 can expect to pay out-of-pocket. To explain that further, a home health aide who currently has an annual rate of $43,472 will start charging $173,888 annually 18 years from now.
Families of today’s senior folks who are receiving care in nursing homes are spending $213 per day or $77,745 annually, on average, for a private room. Start computing to figure how much more you’ll need to pay should you wind up in this kind of facility someday.
It’s true that nobody and nothing can stop the cost of care from soaring but you do not have to subject yourself and your family to huge financial losses. All you have to do is get your act together and start working on your LTC plan. You can experiment with a number of platforms or you can opt right away for a qualified long term care insurance (LTCI) policy as this is a sure-fire way to beat prohibitive LTC costs.
Long Term Care Insurance for Baby Boomers
You have probably heard or read somewhere that the older one is when he buys his LTCI policy, the higher premium he has to pay. That is partially true because aside from age, underwriters of LTCI firms also look into the medical condition of an applicant.
Suppose you’re 60 years old when you applied for a policy but when you presented yourself to an LTCI carrier, the underwriter was impressed with the fact that you have managed to keep your health in tiptop condition so you were able to avail a policy of standard rate. On the other hand, your wife who was also 60 at the time of the LTCI application was just diagnosed with diabetes. Although she, too, managed to take home a policy it turned out to be pricier than yours.
Your weight and height will also factor in your LTCI application so while your body measurements still conform ideally to your age, use this opportunity to qualify for an affordable coverage. Putting off your policy only increases your risk of being denied by an insurance firm. You have to bear in mind that LTCI carriers are stricter now when it comes to pricing policies unlike a decade ago.
Don’t be uninsured for another year. Now is the only time you’ve got to inquire about long term care insurance for baby boomers.
Find out long term care insurance costs in your state when you visit our website now and we can even throw in free long term care quote.
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