Should you be Considering Long-Term Care Insurance?

Did you know that the average American male now lives until the age of seventy-five? It’s true and, on average, women live even longer, with a life expectancy of eighty-four. While living longer typically means experiencing more, it can also mean more years spent under constant medical care. More than half of all Americans spend their later years receiving long-term care from trained professionals. The costs associated with that care can reach an unbelievable seventy-five thousand dollars per year per person. Few people in this country will have that kind of budget in their retired years, which is exactly why so many individuals are turning to long-term care insurance.

What Puts Me at Risk of Needing Long-Term Care?

There are several factors that come into play and equate to increased risk. The first question that should be asked is ‘do you have a family history of Alzheimer’s Disease, arthritis, stroke, or Parkinson’s?’ These are other debilitating conditions are the most common cause of in home and out-of-home care for elderly Americans. Furthermore, if your family tends to outlive the average life expectancy in this country, then a policy might be worth considering. Though it is good to live and enjoy life longer, there is also a bigger chance that you will live for more years with a medical condition that calls for regular assistance.

Insurance companies often place more risk with people of already advancing age, women (because they tend to live longer and are more susceptible to certain medical conditions), the unmarried who don’t have someone there to help at the potential onset of a disease, those who do not exercise regularly, those who smoke, and those with a bad diet.

If any of these criteria apply to you, then it is probably wise to consider long-term care insurance. It is better to be safe than sorry.
What Does Long Term Care Insurance Provide?

When Should I Buy into a Policy? Most experts in life insurance in Austin TX agree that the best time to buy is now. The longer you wait, the more you will pay per month for the policy. There is obvious reason for why insurance companies raise rates based on age – the elderly are more likely to have issues sooner and will therefore have less time to pay in before cashing it in. So, if you are at risk of developing a condition that would result in the need of long-term care or you just want to know you are protected, now is the time to make the call.

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