At what
age should I start thinking about Long Term Health Care?
All individuals should begin to learn about Long Term Care
Insurance in their 30's. While there are competing expenses
at that stage of life, some review of the available plans and
their costs should take place.if for nothing else, a solid
understanding will most likely greatly benefit their parents
who may or may not be up to speed on LTC Insurance. Certainly,
by one's early to mid 40's, policies should be purchased so
as to lock in the lower age rate structures, preferred health,
and marital discounts.
Can I still qualify for Long Term Health Care Insurance
if I have had Cancer?
Believe it or not, those who have successfully completed Cancer
treatment without spread to other areas of the body can generally
obtain LTC Insurance after one year from their treatment completion
date. We have successfully helped many people who have had
Breast Cancer or Prostate Cancer secure policies.
How much does Long Term Health Care Cost?
Long Term Care costs continue to increase each and every year.
Fortunately, they have not gone up at the same alarming rate
as Dr. visits or medical tests etc. However, you must understand
that it will cost over $60,000 per year, on average, for just
one year in a Nursing Home. It might cost close to that or
even more if various levels of care are rendered in your own
home by different care providers. Are you prepared for this
type of expense?
Can you get Long Term Care Insurance through Your
Employer?
A 2007 report showed that over 10,000 employers throughout
the United States now offer or endorse some form of Long Term
Care Insurance. This is great news as more and more people
now have access to Long Term Care Insurance. These plans will
typically be issued with marital and group discounts and sometimes
are available to employees without medical review. Unfortunately,
unlike other employee benefits that can be payroll deducted
with pre-tax dollars, LTC Insurance can't be paid in the same
fashion. So, without key education from employers, many people
simply don't "sign up" for LTC Insurance since they
don't understand its value and don't see a tax advantage. This
remains a huge challenge and problem for the industry. Stay
Tuned to Mensh Insurance.com for legislative updates that might
change the tax landscape. |
