Whether or not to take out Long-Term Care Insurance isn’t always an easy decision to make and with so many other seemingly more critical insurances to cover the issue of long-term care insurance generally gets ignored.
Many long-term care insurance providers recommend that you consider insuring yourself against the possible need for long-term care once you reach 40 years of age with the argument being that the older you get the higher the monthly insurance premiums and the greater the risk of finding yourself in a position whereby your health deteriorates and you are considered too greater risk for long-term health insurance.
If you look at the cost of long-term care insurance it’s widely known that insurance providers need to recover at least the same amount in premiums no matter how old you are when you seek insurance cover. The odds are that taking out long-term care insurance when you are 60 instead of 50 will mean that the overall cost will be greater.
There are several main factors to consider when faced with the decision as to whether or not you should invest in your future through long-term care insurance.
o Firstly if you have a reasonable level of personal assets that you want to protect you should seriously consider funding any possible long-term care through insurance.
o If you want to ensure a good standard of service in the event you were to require long-term care then you should consider long-term care insurance.
o Ability to pay should influence any decision regarding long-term care. If you are unlikely to be able to ensure your continuous ability to fund long-term care insurance there is no point incurring the cost in the short term.
o If you have a family history of poor health in later years then it is probably worth looking at long-term care insurance.
o If you want to ensure that your spouse or family are not burdened with the cost of your long-term care then insurance is a safe bet.
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o If you are single and don’t want to burden your family if your health fails look at long-term care insurance.
o If you have felt the need to take out life insurance also consider long-term care insurance, the odds are that you are far more likely to need long-term care insurance than you are life insurance.
At the end of the day none of us actually know if we will need long-term care and if you are sure you are probably uninsurable anyway. Like every other insurance we take out long-term care insurance is a safety net for when things go wrong and only you can decide as to whether or not you want to take the gamble.