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The Cost of Waiting:  Consider Long Term Care Insurance Now

Long Term Care

A major challenge of retirement planning is finding an affordable way to fund the potential need for extended care, whether in your own home or in a facility.  Recent studies show that most Americans underestimate the cost of long term care, while 56% overestimate the cost of the insurance that would defray those very costs.²  Delaying the purchase of LTC insurance can have dire consequences.

Nothing impacts policy pricing more than age and health, so the sooner you purchase coverage, the lower the base rate for the life of your policy.  Life-altering events can occur at any age, leaving one with few options for LTC insurance.  Delaying your decision, plus the impending disappearance of industry discounts, equate to what we call “the cost of waiting.”  This means there’s never been a better time for both men and women to research their LTC options than right now. 

No-risk LTC consultations are available to our graduates at no cost as part of the Wayland Baptist University Alumni Insurance Program.  Visit http://meyerandassoc.com/wayland/ltc to download a free “10-Point Checklist” and then schedule your risk-free consultation by phone. 

Regardless of your present age and health, the longer you wait to start your planning, the more it will cost in the long run—assuming you can still qualify when you’re ready.

¹ John Hancock 2011 Cost of Care Survey, conducted by Life Plans, Inc.
² “More Americans Need LTCI—and Most Overestimate the Cost,” ProducersWEB, 1/30/13.