The insurance companies that sell LTCi are scared to death of us. We are living too long, we hang onto our policies and never let them go, and many of us will be collecting on them. We are smarter than the LTC insurance companies.
I bought mine back when I was 52 years old. Back then it was assumed that a certain percentage of us would drop our coverage over time. That did not happen. The older, stiffer, and the more chronic conditions we accumulate, the more I am glad I got mine when I did. The odds of my deciding to drop or cancel this coverage are less than zero.
I could never qualify to buy a LTCi policy now. I won’t go into details or mention my pants size, but like others, I’ve picked up a few nicks and scratches along the way. As longevity increases, there will be more years at the end when we may need assistance because we cannot manage on our own. The LTC insurance companies have learned from incorrect assumptions in the past and are now charging considerably higher prices for coverage than they did even a few years ago.
Health conditions that were not a concern years back, are now being much more closely scrutinized. It is very difficult for diabetics to find coverage and may soon be impossible. Osteoporosis, strokes, heart conditions, etc. can disable people for many years resulting in much larger claims.
Thus people need to investigate and obtain coverage much sooner than they have in the past. If a condition exists that could lead to a need for care many years in the future, it may already be too late to get LTC insurance.
Another company has just announced they are instituting higher prices for females, since most facility residents are female. They often care for their husbands and then need hired help or a facility to care for them, thus higher prices. I still have companies not charging females more, but that time is getting short.
The moral of this story is that if you are over 40, healthy, and are not living paycheck to paycheck, you would be well advised to investigate LTCi. If purchased at age 40, and premiums paid for 50 years, the total will be less than waiting until 50 and only paying for 40 years, etc., etc. Once purchased, inflation works for you, as the policy benefits grow at 5% compounded each year automatically. The longer you wait, the larger a policy will be needed, the more it will cost, and your health may never be better than it is right now.
Start by visiting my website www.TheLongTermCareGuy.com or call Romeo Raabe at (920) 884-3030 or (800) 219-9203 to schedule a time to investigate.