Buy LTC Insurance before You Need It … And Save Money

What you don’t know about long-term care (LTC) insurance could hurt you for years to come.

According to a 2017 fact sheet issued by AARP, some 52% of individuals over 65 will require long-term care support and services. The Family Caregiver Alliance notes that the number of people using paid long-term care services is likely to exceed 27 million by 2050.

The American College of Healthcare Executives defines LTC as a “continuum of medical and social services designed to support the needs of people living with chronic health problems that affect their ability to perform everyday activities.”

Benefits of purchasing LTC now

Unfortunately, these are costly services, and are becoming more so. LTC insurance can provide the coverage we require, but even those who are diligent about other forms of insurance forget about long-term care insurance until later in life, when it costs more. And if you wait until an injury or illness strikes, you may not be able to obtain LTC insurance at all.

Why LTC insurance is important

Individuals believe they can rely on Social Security (also called Old Age, Survivors, and Disability Insurance) to cover the costs of long-term care. However, the amount received typically falls short, and it can take up to three months before you receive a check.

If you can’t count on Social Security, then LTC insurance is a must. As noted above, you’ll get the best rates by purchasing LTC insurance while you’re young and healthy. So talk to your agent about LTC insurance now … before you need it.