Long Term Care Insurance

With the country deep in a nasty recession, it should come as no surprise that new statistics show roughly 64% of those soon to retire won’t have enough money saved to maintain their lifestyles.

When you retire, you have expectations of being able to do pretty much what you want to do. But what if you don’t have enough money to do that? What if your standard of living dropped instead, to a level you never imagined was possible?

If you don’t have medical issues, things might be just dandy. However, with the advent of better technology, we are living longer. Living longer may well mean some type of long-term care. While this may be a reality, there are a lot of couples that are not prepared financially to pay that kind of expense out of their pockets. This is where long-term care insurance comes into the picture.

While you might get tired of hearing that insurance of any kind is easier to buy when you are younger, that’s the truth; it is easier. Sure you wonder if it’s worth the expense when you are in your 40s or 50s and in pretty good shape. Even if you are in relatively good health, thinking in advance is a smart thing to do for your future and that of your family as well. The other hard core truth is that if you wait too long to buy the kind of insurance that you need, you might not be able to buy it.

Here are a couple of statistics that will get your attention and get you thinking. They’re from the American Association for Long Term Care Insurance who reveals that virtually 70% of all those who apply for long-term care insurance who are 45 to 54 get accepted. Those in the age bracket of 65 to 74 don’t always get accepted, and the approval rate plummets to about 40%. Policy costs also double for those 65 and over; that is double the cost of what it would have been had you applied when you were 55.

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