How Early Should I Apply For Long-Term Care?

 

November is Long Term Care Awareness Month so we thought it was the perfect time to address an issue we see commonly in our office.

Many times, when a client is thinking about getting long term care, it’s because they need it or are concerned that they will need it soon. Unfortunately, in these cases, many times it is too late to apply or if approved, the insurance premiums will be expensive.

We have seen clients come in and apply for long-term care for their ailing parents, only to learn that there parents can’t get approved. In some cases, the descendant decides to purchase it themselves while its early to avoid the same thing happening when they are older.

 

According to Lifehappens.org, the median costs for a home-health aide for an eight hour day is more than $45,000/ year, while nursing care in a facility with a private room has a median cost of almost $88,000/year. Long-term care policies usually include home health care and we provide options the offer home health care only policies at a very reasonable cost.

The simple answer to the big question here is that the earlier you apply for long-term care, the lower your premium will be. With life expectancy increasing, so do the duration of long-term care needs. 

Here are some benefits to looking into long-term care early:

• Lower premiums
• Knowing that you don’t have dig into savings for long-term care needs
• Knowing that you won’t be a burden on family or friends
• Know that when the time comes, you will get the care you need
• Help protect your retirement assets

 

Here are some resources to learn more about long-term care options:

long-term care insurance guide

cost of care map

 

Want to talk to one of our long-term care reps?

At IGO, our representatives are trained to educate you on your options, not to sell you. You can always call us to chat about your options at 417-725-1131 or you can click here to fill out a form and request information.