Maybe you’re aware of the financial risk of a long-term care event but haven’t pulled the trigger and applied for coverage yet. Life will always have its challenges or busy seasons to distract us, but it’s never a good idea to wait too long to secure coverage for yourself or a loved one. The following are five reasons you shouldn’t delay in getting the long-term care insurance (LTCI) coverage you need.
Complete Your Retirement Plan
Long-term care insurance is a critical step in completing your retirement plan. While you may have your savings and investments squared away, don’t forget about protecting and securing your investments against the threat of a long-term care event.
The cost of long-term care services increase every year and will be significantly higher when you need care in 20-30 years. Before you launch into retirement, make sure your plan is complete with LTCI.
Premiums Increase Every Year You Wait
LTCI premiums are based on your age and health. Each year you delay getting coverage, premiums increase.
Not only that, if your health declines, premiums could increase even more. A decline in health means you may not get a preferred rating and discount, or you may not be approved for coverage at all.
Make sure LTCI is on the top of your “To Do” list this year to avoid paying higher premiums later.
Your Health Isn’t Guaranteed
Good health is a gift. While eating healthy, exercising, not smoking, and getting enough sleep are all beneficial, a health event can happen to anyone at any time.
If you’re putting off coverage until next month or next year, weigh your options carefully. An unexpected health event could alter your plans and keep you from getting coverage.
An unexpected health event could alter your plans and keep you from getting coverage.
You Could Be Putting Yourself at Risk
As mentioned above, a health event can strike at any time. This puts yourself at risk for not being able to get coverage or needing long-term care services immediately with no plan for care or how to pay for it. By applying for coverage before a health event takes place, you’re protecting yourself and your family against the unknowns and significantly reducing your financial risk.
Peace of Mind Is Priceless
Once you cross LTCI off your “To Do” list, you can breathe a sigh of relief knowing your long-term care plan is in place. Share your plan with family and close friends so they know where to find your policy and understand your wishes for care later in life. Defining your needs and wants now puts you in control of your future, and the peace of mind you’ll feel is priceless.
Are you ready to finish your long-term care plan? Don’t procrastinate any longer. Speak with an LTC Specialist today to complete your retirement plan and secure coverage at the best rates.