The sooner you purchase a long term care insurance policy, the better. This is because of the fact that the earlier on in life you purchase a policy, the less you will spend over the course of your lifetime. Sure, you might spend more sooner, but if you look at the numbers, you will actually spend less money over an extended period.
Think about it this way: if you spend $25 per month for 20 years, this equals $6,000. If you spend $40 a month for 15 years, this is equal to $7,200. So even though, in this above example, you are spending money on your policy for five years less, you are actually going to spend over $1,000 more over the course of your lifetime. If all other factors are the same, the cost of your care that is covered will be the same. But by waiting longer to get a policy, you are spending a lot more for the same amount of coverage.
This implies that the sooner you start worrying about your senior care, the more money you will save. Still, you might worry that this is taking a big risk. Not everyone will need long term care during their lifetimes, so you might think that saving money on expensive premiums is going to help you over the long term. This is a fallacy, however. First, you need to realize that premiums are not all that expensive. Premiums are almost nothing compared to the actual cost of care.
Next, you might think that you will never need long term care. Think about it in this light, though: based upon the current demographics, only 50 percent of people will need long term care during their senior years. But as the number of senior citizens expands thanks to the Baby Boomer generation, and as the average person lives longer and longer, both the percentage and the total number of people needing long term care will increase in drastic fashion. You need to be aware of the fact that your likelihood of needing long term care insurance is actually much higher than 50 percent, especially if you are middle aged right now.
Long term care insurance is more important today than ever before. Our senior citizen population is set to explode in numbers and the need for long term care is going up, too. If you are trying to prepare for your future, getting a policy now makes more sense than waiting. You will spend a lot less on a policy if you get one while you're younger than if you wait, and having any sort of policy is much better than leaving yourself unprotected. Do the smart thing and start looking for a policy now.
Think about it this way: if you spend $25 per month for 20 years, this equals $6,000. If you spend $40 a month for 15 years, this is equal to $7,200. So even though, in this above example, you are spending money on your policy for five years less, you are actually going to spend over $1,000 more over the course of your lifetime. If all other factors are the same, the cost of your care that is covered will be the same. But by waiting longer to get a policy, you are spending a lot more for the same amount of coverage.
This implies that the sooner you start worrying about your senior care, the more money you will save. Still, you might worry that this is taking a big risk. Not everyone will need long term care during their lifetimes, so you might think that saving money on expensive premiums is going to help you over the long term. This is a fallacy, however. First, you need to realize that premiums are not all that expensive. Premiums are almost nothing compared to the actual cost of care.
Next, you might think that you will never need long term care. Think about it in this light, though: based upon the current demographics, only 50 percent of people will need long term care during their senior years. But as the number of senior citizens expands thanks to the Baby Boomer generation, and as the average person lives longer and longer, both the percentage and the total number of people needing long term care will increase in drastic fashion. You need to be aware of the fact that your likelihood of needing long term care insurance is actually much higher than 50 percent, especially if you are middle aged right now.
Long term care insurance is more important today than ever before. Our senior citizen population is set to explode in numbers and the need for long term care is going up, too. If you are trying to prepare for your future, getting a policy now makes more sense than waiting. You will spend a lot less on a policy if you get one while you're younger than if you wait, and having any sort of policy is much better than leaving yourself unprotected. Do the smart thing and start looking for a policy now.
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