Long Term Care Objections
This is probably the most common misconception about LTCi.
People generally perceive it to be much more expensive than it really is.
People who say that they can’t afford it should ask themselves if they can afford NOT to have it.
Here are some thoughts to consider:
- How would you feel about having to write a $ 6000 monthly check to a nursing home as opposed to
writting a check for a considerably less monthly premium for a Long Term Care Policy
- The Break Even Point.
Example: You pay $2,000 a year for an LTCi premium, over a 10 year period that is $20,000.
Without an LTCi, at a nursing home it wouldtake just 100 days at $200 a day to reach $20,000!
Sociological differences in the world today make kids unlikely candidates to care for their parents,
no matter how much they would like to be able to do so. Ask yourself,
do your children live nearby? Could one of them afford to stop working to take care of you?
Which child would you move in with? Bottom line is that one parent can take care of 10 kids,
however 10 kids can’t take care of one parent.
Of course your kids will take care of you because they love you.
An LTCi policy simply helps them do it better and longer by allowing them to hire
professional help to do the things they can’t for you.
LTCi allows your kids to keep their promise to take care of you.
There’s a financial cost when a child has to quit a job or take time off.
And there’s an emotional cost when that child has to juggle the
responsibility of caring for a parent and caring for his or her own family.
Could your kids afford these costs?
For most people, purchasing an LTCi policy is not an immediate priority.
So they tend not to want to think about it.
When this happens money pays, but health buys. If you wait until your health fails,
it won’t matter how much money you have because once you have a this you won’t be able to purchase a LTCi policy at any cost.
The best time to buy an LTCi is the day before you need it. However, no one can predict when you will need it.
When do you think you will need LTC services? Next year or 10 years from now?
Are you willing to gamble on protecting your family and your assets?
If you wait just one year to buy and LTCi policy, you can expect to
the premium to be 6 percent
to 7.5 percent higher or more.
What interest rate are you earning on your savings account, checking account, or CD?
Purchasing an LTCi policy when you’re young and in good health can save you a great deal of money.
Every year you wait increases your cost.
For example, at todays rates, the premium for a Long Term Care policy for a
60 year old is less than half of what it is for someone age 69.
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