subject: Why Long Term Care Insurance Makes Sense [print this page] Insurance is a funny thing. Its the one product you can only buy when you don't need it. And you can't buy it when you do. Well to put it more precisely is the service that the insurance pays for that you need not the insurance itself. Insurance is odd yet you do it all the time. You pay twice a year to insure your car but nothing is wrong with it. If it were to get damaged, you will be very glad you have it as you can't buy it then.
So lets talk about long term care insurance. I'll bet you don't have any right now. But you should. I know, I know, you're still young and healthy so its not something you think about. Well remember the funny thing about insurance. The best time to buy it (the only time you can) is when you don't need it. As a matter of fact, the further away you are from needing, the less expensive it is. Got your attention now?
Lets talk about some facts. Total, living in a nice care home is going to cost you about $35,000 per year. If you live in that care home for 5 years you will have paid out $175,000. Thats a lot of money. Maybe you have it, maybe you don't. What if you outlive your savings? Do you really want to be worrying about money when you are that age? Not a very attractive scenario is it?
Lets look at some of the other factors that suggest that now is the best time to start buying long term care insurance. For one, you are probably making more money now then you ever will. Definitely more than when you will retire. When you do retire, the cost of care will be probably double what it is now. Whatever you have saved will only go half as far. Because you are so far away from retiring, the cost of the care is going to be as low as it possibly can be. If you wait the price will go up dramatically. But the best reason to buy it is that its one more thing you don't have to worry about. Knowing that the money will be there if and when you need it provides you piece of mind that you can get no other way.
You're convinced right? Maybe not. If you are like most people, you think it makes sense but are just not ready to take the plunge. No problem. What you should do instead is get get used to the idea. Set a date in the future when you will actually buy the insurance. Make that date 6 months or a year out from now. Be serious, put in your appointment book. Let the idea slosh around in your subconscious until that date comes around. Once it does, you'll be ready. Good luck.
by: Joey Stiner
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